Category: housing

MIL-OSI USA News: Remarks by President Biden on the Biden-⁠ Harris Administration’s Record of Delivering for Tribal Communities, Including Keeping His Promise to Make this Historic Visit to Indian Country | Laveen Village, AZ

Source: The White House

Gila Crossing Community School
Laveen Village, Arizona

10:44 A.M. MST

PRESIDENT BIDEN: I’m Joe Biden. I’m Jill Biden’s husband (Laughter.)

Gov, thank you for that introduction and to the Gila Indian River Community — the — Gila — yeah, Gila — nothing wrong with me — (laughter) — Gila River Indian Community for welcoming me today.

You know — (applause) — I say this with all sincerity, this, to me, is one the most consequential things I’ve ever had an opportunity to do in my whole career and as president of the United States. It’s an honor — a genuine honor to be in this special place on this special day.

Thank you to Senator Mark Kelly, a great friend, who also is married to an incredible woman who is my friend.

Please have a seat, by the way. (Laughter.)

And Congressman Greg Stanton. I saw Greg when I came in. He’s over there somewhere. Greg, thank you.

And I’m putting these glasses on because I’m having trouble seeing this.

And all the elected leaders and the Tribal community leaders for being here.

You know, I can’t tell you what a special thanks I have for Deb Haaland, my Interior secretary. I was determined — (applause) — I was determined — I made a commitment when I became president to have an administration that looked like America. Except you’re America, and there’s — never has been — never has been a Native American, an Indigenous person who was on — in the Cabinet or in a — in the secretary’s job or any consequential job in a presidential administration.

She’s the first — but it’s clearly not the last — Native American Cabinet secretary ever. (Applause.) And her historic and dedicated leadership is strengthening the relationship between the Tribal Nations and the federal government — is unlike ever happened before.

That’s why we’re here today.

You know, when I got to the Senate, I was only 29 years old. I had to wait 17 days to be eligible. And I had — after I got elected, w- — while I waiting, my wife and daughter were killed and my two boys were badly injured.

And a guy that came to my assistance was a guy named Danny Inouye. And the first thing he taught me — not a joke — was, “Joe, it is not ‘Indians.’ It’s ‘Indian Nations’ — Indian N-” — (applause) — No, I — he was serious, deadly earnest about it.

It’s been 10 years since a sitting president — president came and visited Indian Country. That’s simply much too long.

And that’s why I am here today not only to fulfil my promise to be a president that — first president to visit Indian Country but, more importantly, to right a wrong, to chart a new path toward a better future for us all.

I am also here because, as I said, my wife Jill has been here 10 times in Indian Country, literally. The first lady sends her love and said, “Joe, make sure you come home.” (Laughter.) Because every time she goes — she spent a lot of time in, excuse me for saying this, the Navajo Nation. I’m worried — (applause) — every time she goes, I’m worried she’s not coming home. (Laughter.)

I watched that beautiful performance just now, and it moved me deeply. It’s a reminder of everything Native people enjoy and employ: sacred traditions, culture passed down over thousands of — thousands of years. (Applause.)

Long before there was a United States, Native communities flourished on these lands. They practiced democratic government before we ever heard of it, developed advanced agriculture, contributed to science, art, and culture. (Applause.)

But eventually, the United States was established and began expanding, entering treaties with sovereign Tribal Nations. But as time moved on, respect for s- — for Tribal sovereignty evaporated, was shattered, pushing Native people off their homelands, denying — denying their humanity and their rights, targeting children to cut their connection to their ancestors and their inheritance and their heritage.

At first, in the 19- — 1800s, the effort was voluntary, asking Tribes to sell their children — to send their children away to vocational schools. But then — then the federal government mandated — mandated the removal of children from their families and Tribes, launching what’s called the Federal Indian Boarding School era — era. Over a 150-year span — 150 years — from the early 1800s to 1870 — to 1970. One of the most horrific chapters in American history. We should be ashamed. A chapter that most Americans don’t know about. The vast majority don’t even know about it.

I was — I was at my hotel today. I told the pe- — the hotel staff, as we were leaving. They said, “Where are you going?” I told them. They said, “What are you doing?” I told them. They said they’re Natives here. They said, “I never knew that. I never knew that.” Think of how many people don’t know.

As president, I believe it’s imper- — important that we do know — know generations of Native children stolen, taken away to places they didn’t know with people they never met who spoke a language they had never heard. Native communities silenced. Their children’s laughter and play were gone.

Children would arrive at schools. Their clothes taken off. Their hair that they were told was sacred was chopped off. Their names literally erased and replaced by a number or an English name.

One survivor later recounted her days when taken away. She said, quote, “My mother standing on that sidewalk as we loaded into a green bus. I can see the image of my mom burned into my mind and my heart where she was crying.”

Another survivor described what it was like at the boarding school, and I quote, “When I would talk in my Tribal language, I would get hit. I lost my tongue. They beat me every day.”

Children abused — emotionally, physically, and sexually abused. Forced into hard labor. Some put up for adoption without the consent of their birth parents. Some left for dead in unmarked graves.

And for those who did return home, they were wounded in body and in spirit — trauma and shame passed down through generations.

The policy continued even after the Civil Rights Act, which got me involved in politics as a young man. Even after the Civil Rights Act was passed in 1964, it continued.

All told, hundreds and hundreds of Federal Indian Boarding Schools across the country. Tens of thousands of Native children entered the system. Nearly 1,000 documented Native child deaths, though the real number is likely to be much, much higher; lost generations, culture, and language; lost trust.

It’s horribly, horribly wrong. It’s a sin on our soul.

I’d like to ask, with your permission, for a moment of silence as we remember those lost and the generations living with that trauma.

(A moment of silence is observed.)

After 150 years, the United States government eventually stopped the program, but the federal government has never — never — formally apologized for what happened until today.

I formally apologize — (applause) — as president of the United States of America, for what we did. I formally apologize. And it’s long overdue.

At the Tribal school — at a Tribal school in Arizona, a community full of tradition and culture, and joined by survivors and descendants to do just that: apologize, apologize, apolo- — rewrite the history book correctly. (Applause.)

I have a solemn responsibility to be the first president to formally apologize to the Native peoples — Native Americans, Native Hawaiians, Native Alaskans — and [at] Federal Indian Boarding Schools.

It’s long, long, long overdue. Quite frankly, there’s no excuse that this apology took 50 years to make.

The Federal Indian Boarding School policy and the pain it has caused will always be a significant mark of shame, a blot on American history.

For too long, this all happened with virtually no public attention, not written about in our history books —

AUDIENCE MEMBER: Yeah, what about the people in Gaza?

THE PRESIDENT: — not taught in our schools.

AUDIENCE MEMBER: What about the people in Palestine, huh?

(Cross-talk.)

AUDIENCE: Booo —

AUDIENCE MEMBER: (Inaudible.)

THE PRESIDENT: Let her talk. Let her talk.

AUDIENCE MEMBER: (Inaudible) empty promise for our people. How can you apologize for a genocide while committing a genocide in Palestine?

Free Palestine! Free Palestine!

AUDIENCE MEMBER: Get out of here!

AUDIENCE MEMBER: Free Palestine!

THE PRESIDENT: No, no. Let — let her go. There’s a lot of innocent people being killed.

AUDIENCE MEMBER: (Inaudible.)

THE PRESIDENT: There’s a lot of innocent people being killed, and it has to stop.

For those — (applause) — for those who went through this period, it was too painful to speak of. For our nation, it was too shameful to acknowledge. But just because history is silent doesn’t mean it didn’t take place. It did take place. (Applause.)

While darkness can hide much, it erases nothing. It erases nothing. Some injustices are heinous, horrific, and grievous. They can’t be buried, no matter how hard people try.

As I’ve said throughout my presidency, we must know the good, the bad, the truth of who we are as a nation. That’s what great nations do. We’re a great nation. We’re the greatest of nations. We do not erase history; we make history. We learn from history, and we remember so we can heal as a nation. It takes remembering.

This formal apology is the culmination of decades of work by so many courageous people, many of whom are here today: survivors and descendants, allies and advocates — like the nation’s Native American Boarding School Healing Coalition and other — (applause) —

All of you who are part of that, stand up. Stand up. (Applause.) As my grandfather would say, you’re doing God’s work.

And other courageous leaders who spent decades shining a light on this dark chapter. And leaders like Secretary Haaland, whose grandparents were children at one of those boarding schools.

U.S. Interior Department, the same department that long ago oversaw Federal Indian Boarding Schools — guess what? — the extensive work on the — breaking ground, it’s happened with her. It’s appropriate that she is bringing an end to what that very agency did. (Applause.) Groundbreaking report documenting what happened.

We owe it to all of you across Indian Country. The truth — the truth must be told. And the truth must be heard all across America.

But this official apolocy [apology] is only one step toward and forward from the shadows of failed policies of the past. That’s why I’ve committed to working with Indigenous communities across the country to write a new and better chapter of our — in our history, to honor the solemn promise the United States made to Tribal Nations, to fulfill our federal trust and treaty obligations. It’s long, long, long overdue. (Applause.)

And I say this with all sincerity, from day one, my administration, Jill and I, Kamala and Secretary Haaland, our entire administration have worked to include Indigenous voices in all we do. Along with Secretary Haaland, I’ve appointed Native Americans to lead across the federal government.

I signed a groundbreaking executive order to give Tribes the — more autonomy to make your own decisions — (applause) — requiring federal agencies to streamline grant appro- — grant appropriations and applications, to comanage federal programs, to eliminate heavy-handed reporting requirements. It’s about representing your autonomy. And, I might add, it’s a hell of a lot more efficient when you do it too. (Applause.)

Folks, I’m proud to have reestablished the White House Council on Native American Affairs — (applause); relaunched the White House Tribal Na- — Tribal Nations Summit — (applause); and taken historic steps to improve Tribal consultation. (Applause.)

With the historic laws I’ve signed, we’re making some of the most significant investments in Native communities ever — ever in American history.

It’s part of my Invest in America agenda, and it’s helping all Americans from every state and every Tribe, and that’s good for all America.

Helping Native communities get through the pandemic with vaccine shots in arms and checks in pockets.

I’m proud this helped cut child poverty in Native communities by more than one third. (Applause.)

I’m proud our economy — our economic plan has created 200,000 jobs for Native Americans, record-low [un]employment in Native communities.

With the strong support from Secretary Haaland and all of you, we’re finally modernizing Tribal infrastructure, for God’s sake — (applause) — building new roads, new bridges; delivering clean water, affordable high-speed broadband in every Native community; and so much more.

Folks, we’re just getting started. We’re making historic climate investments in clean energy, conservation, and clean water [for] Native communities, including co-stewardships of our land and waters.

We just des- — designated the first National Marine Sancrutary — Sanctuary proposed by Indigenous communities, which is off the coast of California. We just got that done. (Applause.) And I have restored and designated multiple national monuments to honor Tribal Nations, including the Ancestral Footprints of the Grand Canyon, right here in Arizona, where I had the honor of visiting. (Applause.) It was breathtaking. It was breathtaking.

I secured the first-ever advanced funding for Indian Health Services — (applause) — so Tribal hospitals can plan ahead, order supplies, hire doctors and know that the money will be there. (Applause.)

We’re also preserving ancestral Tribal homelands, restoring salmon and other native fish, recognizing the value of Indigenous knowledge and languages, especially those damaged in the boarding school era.

In fact, my administration was proud to defend the Indian Child Welfare Act — (applause) — an act that was passed in 1970 [1978] in no small part to remedy the harms of 150 years of taking Native children away from their families.

But you all know, that act was challenged just a few years ago in the summer of 2023. Those who opposed us challenged — challenged on the grounds that Native families should not have priority over everyone else in adopting Native children. Well, I took that all the way to the Supreme Court and we won. We won. (Applause.)

We also extended mental health programs through the Bureau of Indian Education so young people have the tools to end cycles of generational trauma.

As an educator, this is something Jill cares deeply about, my wife, just as she’s traveled across Native communities to increase access to health care and so much more, including helping open the first cancer cure [care] center in Navajo Nation. (Applause.)

And more to do — a lot more to do.

And, by the way, the infrastructure bill is over a trillion dollars. It’s not a decade. I mean, it’s not a quarter. It’s going to be there for a decade. Much, much more to come, and you got to get your fair share.

By [re]authorizing the Violence Against Women Act — an Act I took great pains in writing 30 years ago, we also — (applause) — we also reasirmed [reaffirmed] Tribal sovereignty and expanded Tribal jurisdiction in cases where outside predators [perpetrators] harm members of your Nation.

And as we mark Native Americans History Month in November — this November, we recognize the contributions of Indigenous people in — to American history. You — you are the first Americans. I might add, you’re among the most patriotic Americans. (Applause.) Well, that’s a fact. The whole of America should know, all Americans should know Indigenous people volunteer to serve in the United States military five times more than any other single group. (Applause.) Five times. Five. Five. Five. (Applause.) Many having paid the ultimate sacrifice in every war since our founding.

To all of you, thank you — thank you for serving in so many ways — as first responders, artists, entrepreneurs, educators, doctors, scientists, and so much more — sharing your culture and your knowledge for the good of future generations, believing in possibilities — the possibility to usher in a new era to a nation-to-nation relationship grounded in dignity and respect. It matters.

My dad used to have an expression. He’d say, “Joey, everyone — everyone — is entitled to be treated with dignity. Everyone.” “Everyone is enti-” — he meant it. (Applause.)

Well, let me close with this. It’s about restoring your dignity.

I know no apology can or will make up for what was lost during the darkness of the Federal Boarding School policy. But today, we’re finally moving forward into the light.

As president of the United States, I’ve had the honor to bestow our nation’s most prestigious medals to distinguished people and organizations all across America. That includes Native Americans who survived the boarding school era.

Early in my term, I bestowed the Medal of Freedom — our highest civilian honor — on a man my grandfather, who was an Irish immigrant and was not treated very well because he was an Irish Catholic in the coal-mine era in Scranton — but he went on to be an all-American football player at Santa Clara. And every time they’d talk about all-Americans, he’d say, “Joey, the greatest athlete in American history is Jim Thorpe.” (Applause.) Oh, I’m seri- — I knew a lot about Jim Thorpe before some of you probably even knew. (Laughter.)

As a child, Jim was taken from his home but went on to become one of the greatest athletes ever, ever, ever in all of American history.

And earlier this week, I bestowed two other revere- — revered medals — the National Medals of Arts and the National Medal of the Humanities — to 39 extraordinary Americans and organizations, including Roseta Wrol [Rosita Worl], an Alaskan Native. (Applause.)

More than 80 years ago, she was a six-year-old when she was taken to a federal boarding school. She spent three years without her family, her family not knowing if she’d ever come home. Nine years old, she was one of those who did come home.

Over the next seven decades, she became a leading anthropologist and advocate, building a new era of understanding. Her story, from being taken from her home as child to standing in the Oval Office receiving one of the nation’s most consequential medals, is a story of the truth, the power of healing.

When Roseta [Rosita] sees young people signing tradi- — singing traditional songs, just like we heard today, she says, and I quote, “We will hear the voices of our ancestors, and we are now hearing it through our children.”

For too long, this nation sought to silence the voices of generations of Native children, but now your voices are being heard.

That’s the America that we should be. That’s the America we can all be proud of. That’s who we are. For God’s sake, let’s make sure we reach out and embrace, because you make us stronger. You are America.

God bless you all. And may God protect our troops.

Thank you. (Applause.)

11:07 A.M. MST

MIL-OSI Asia-Pac: Care centres operating on Saturdays remain open

Source: Hong Kong Government special administrative region

Attention duty announcers, radio and TV stations:

Please broadcast the following special announcement immediately, and repeat it at frequent intervals:

“The Social Welfare Department announces that while Tropical Cyclone Warning Signal No. 3 has been issued, child care centres, centres providing after school care programmes, elderly services centres and day rehabilitation units including sheltered workshops, integrated vocational rehabilitation services centres, integrated vocational training centres and day activity centres, which normally operate on Saturdays, remain open during their normal operating hours. If necessary, members of the public can contact the centres to make arrangements for the safe return home of their children and family members.”

MIL-OSI Asia-Pac: LCSD’s “Cheers!” Series to present family entertainment programmes from December to March next year (with photos)

Source: Hong Kong Government special administrative region

LCSD’s “Cheers!” Series to present family entertainment programmes from December to March next year (with photos)
LCSD’s “Cheers!” Series to present family entertainment programmes from December to March next year (with photos)
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　　The “Cheers!” Series, presented by the Leisure and Cultural Services Department, will be held from December to March next year. Eight local and visiting performing groups are invited to give audiences fabulous family entertainment programmes, covering dance, music, puppetry and music theatre performances, which are ideal for friends and families to celebrate fun-filled winter festivities together. 　　”Släpstick” from the Netherlands will make its Hong Kong debut with “Schërzo”, a performance blending music and comedy elements. With virtuosic musicianship and hilarious physical language, the five musicians of the troupe will deliver an absurd and entertaining musical feast for all ages. Australia’s Windmill Theatre Company will present the puppetry show “Grug and the Rainbow”. Grug is a character from the much-loved picture books by the Australian writer Ted Prior. The grassy little friend will return to Hong Kong to meet his fans and toddlers and embark on a heart-warming adventure full of surprises.　　The performances prepared by local performing groups are also exciting. Local a cappella group Boonfaysau will kick off the series with a new a cappella musical, “Peter and the Wolf”, featuring a rearranged version of Prokofiev’s classic symphonic tale for children by local composer Austin Leung, as well as original Cantonese songs with lyrics written by renowned lyricist and film director Norris Wong, to delight the audience. In the Musical Fairy Tales: “Goldipegs & The Three Cellos”, Premiere Performances of Hong Kong will bring together local music ensembles and musicians to present three musical fairy tales, from Ferdinand the Bull who enjoys flowers, to the Frog Prince awaiting his royal kiss, and Goldipegs who enters the home of a family of cellos and discovers amazing music. 　　”The Snowman & The Bear” concert will return this winter, with the City Chamber Orchestra of Hong Kong performing live on stage alongside the screening of the two Christmas animated films accompanied by storytelling and singing, bringing audiences into a dreamlike winter world. In the “A Christmas Wish for Peace On Earth” concert, the Hong Kong Oratorio Society will collaborate with Hong Kong Strings and a number of musicians to present a variety of classical Christmas pieces, classic Christmas carols, and a new Christmas suite by local composer Alfred Wong. 　　Local puppet theatre troupe Make Friends With Puppet will stage a children’s puppet musical “Winter in Sweetyland 2024 – Snowy Dreams”, which uses cute puppets and original music to tell a touching story of Cotton Candy, who decides to find winter for saving Sweetyland, sending audiences into a sweet and cosy world of candy. Featuring dancers from the professional tap dance company R&T (Rhythm & Tempo) and child performers, “Papa is My New Classmate” is a tap theatre show that combines tap dance and local folk songs to bring back memories and feelings for grown-ups while introducing children to the music of an earlier era.　　For programme dates, venues and ticket prices of the “Cheers!” Series, please see the Annex. Tickets will be available from October 28 (Monday) onwards at URBTIX (www.urbtix.hk). For telephone bookings, please call 3166 1288. Various discount schemes, such as package discount and family package discount, will be offered. For programme enquiries and discount schemes, please call 2268 7323 or visit www.lcsd.gov.hk/CE/CulturalService/Programme/en/f_entertainment/groups_1809.html.

Ends/Saturday, October 26, 2024Issued at HKT 11:00

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MIL-OSI China: Residential building fire kills 2 in northeast China

Source: China State Council Information Office 2

Two people were killed and four others injured after a fire broke out in a residential building in Harbin, the capital of northeast China’s Heilongjiang Province, on Friday afternoon.
The fire occurred in a seven-story building in the city’s Nangang District at about 1 p.m., according to city authorities.
Six people were rushed to hospital. Two died after medical treatment failed, and four continue to receive treatment, officials have said.
The fire has been extinguished and an investigation into its cause is ongoing.

MIL OSI China News –

MIL-OSI Economics: IKEA, Argos and John Lewis set to benefit from furniture’s recovery in Q4 2024, says GlobalData

Source: GlobalData

IKEA, Argos and John Lewis set to benefit from furniture’s recovery in Q4 2024, says GlobalData

Posted in Retail

The UK furniture and floorcoverings market is set to return to growth in Q4 2024 after six quarters of decline as the October Budget should remove a dampener on consumer confidence, and the 10.9% uplift in housing transactions between April and August 2024 and real wage growth filter through. This presents an opportunity for retailers with shorter lead times, such as IKEA, Argos, and John Lewis, and those who have invested in domestic manufacturing, according to GlobalData, a leading data and analytics company.

Matt Walton, Senior Retail Analyst at GlobalData, comments: “Furniture and floorcoverings has had a challenging 2024 as shoppers have prioritized essentials and consumer confidence has been brittle. Future consumer sentiment has taken a sharp downturn recently, after a recovery in H1 2024, mainly due to concerns about how the Budget will affect shoppers’ finances. However, should its impact be marginal, the recovery in consumer confidence will boost spend on big-ticket categories.”

An increase in housing transactions since April 2024 and a full year of real wage growth will also help release pent-up demand. There are signs of this release starting, with DFS reporting year-on-year order growth since July and figures from GlobalData’s Consumer Sentiment Tracker showing that a greater proportion of shoppers will spend more on furniture and floorcoverings over the next six months on a year-on-year basis, with a particular uplift since July 2024. However, weak consumer confidence is currently inhibiting spend.

Walton continues: “Once the Budget has been announced and consumers can gauge their financial position, the current pent-up demand will start to be released. IKEA, Argos and John Lewis are among the retailers who will benefit from this. The Budget will occur after the deadline for Christmas delivery has passed for many furniture specialists, so retailers with shorter lead times will benefit initially from the recovery. Retailers who have invested in domestic manufacturing, such as DFS, Bensons for Beds and Dreams, will also benefit as they can circumnavigate the current Red Sea disruption.

Walton concludes: “Retailers with shorter lead times, like John Lewis, will be among the main beneficiaries from the improving conditions in Q4, and it will also benefit from Marks & Spencer exiting furniture, the return of Never Knowingly Undersold and the launch of new upholstery ranges.”

MIL OSI Economics –

MIL-OSI China: Xizang invests 320 mln yuan in preservation of movable relics

Source: China State Council Information Office 3

Southwest China’s Xizang Autonomous Region has spent a total of 320 million yuan (about 45 million U.S. dollars) in recent years on 56 projects for the protection of movable cultural heritage, according to the regional cultural heritage bureau on Friday.

Xu Shaoguo, deputy director of the bureau, highlighted the progress that has been made in the preventive conservation of movable relics.

Xizang has launched several key digital preservation projects, including projects digitizing ancient manuscripts such as the palm-leaf manuscripts of the Potala Palace. These projects facilitate the comprehensive viewing, archiving and management of movable cultural relics.

It has also prioritized the restoration of movable relics, forming partnerships between regional cultural authorities and national institutions.

Xizang’s museum system has seen continuous expansion and now has a network of 43 museums, including state-owned institutions, private institutions, memorial halls, and relic exhibition halls in monasteries. These museums have reported a steady rise in visitor numbers, surpassing 3.66 million visitors in 2023 and topping 3.25 million in the first nine months of 2024.

Data shows that Xizang is home to 2,373 protected cultural heritage sites, over 1,000 of which house registered movable relics. In total, more than 510,000 individual or sets of movable cultural relics have been documented across the region.

MIL OSI China News –

MIL-OSI Asia-Pac: Presidential Office thanks Biden administration for announcing its 17th military sale to Taiwan

Source: Republic of China Taiwan

Presidential Office thanks Biden administration for announcing its 17th military sale to Taiwan
Presidential Office thanks Biden administration for announcing its 17th military sale to Taiwan
2024-10-26

On October 25 (US EST), the United States government announced that it had notified Congress of the US$1.988 billion sale to Taiwan of three military packages, including an advanced surface-to-air missile system and two upgrade packages for L-band and non-L-band radar systems. Presidential Office Spokesperson Karen Kuo (郭雅慧) on October 26 stated that strengthening Taiwan’s self-defense capabilities is the foundation for maintaining regional stability. The spokesperson said that the Presidential Office is grateful to the US government for continuing to provide Taiwan with the weaponry it needs in accordance with the Taiwan Relations Act and the Six Assurances.
Spokesperson Kuo stated that this marks the 17th military sale to Taiwan announced during the Biden administration since 2021, as well as the largest single military sale since President Biden took office, demonstrating the unwavering commitment of the US government to the security of Taiwan. She emphasized that Taiwan will continue to strengthen its self-defense capabilities as it works to maintain the rules-based international order, ensuring the peace, stability, and prosperity of the Indo-Pacific region.

MIL-OSI United Kingdom: Chancellor to unlock housing in first Budget

Source: United Kingdom – Executive Government & Departments 3

The Budget will deliver more affordable housing, ensure social housing is available for those who need it and turbocharge the delivery of 1.5 million homes.

A housing package announced today will deliver up to 5,000 new affordable social homes with £500 million in new funding for the Affordable Homes Programme. This brings total investment in housing supply to over £5 billion and supports the delivery of 33,000 new homes through £128 million for housing projects across the country.

Meanwhile, the stock of social housing will be increased through a new 5-year social housing rent settlement that will give the sector more long-term certainty on funding and allow them to invest in tens of thousands of new homes. The existing stock will also be protected by reducing Right to Buy discounts so that thousands more council homes remain in the sector.

Chancellor of the Exchequer, Rachel Reeves said:

We need to fix the housing crisis in this country. It’s created a generation locked out of the property market, torn apart communities and put the brakes on economic growth.

We are rebuilding Britain by ramping up housebuilding and delivering the 1.5 million new homes we so badly need.

Deputy Prime Minister, Angela Rayner said:

We have inherited a housing system which is broken, with not enough homes being built and even fewer that families can afford.

This is a further significant step in our plan to get Britain building again, backing the sector, so they can help us deliver a social and affordable housing boom, supporting millions of people up and down the country into a safe, affordable and decent home they can be proud of.

The £500 million to deliver thousands of new social and affordable homes is a top-up to the existing Affordable Homes Programme and comes ahead of the Government’s Housing Strategy due in the Spring.

The Government will set out details of new investment to succeed the 2021-26 Affordable Homes Programme at the Spending Review. This will lay the foundations for the manifesto commitment to deliver the biggest increase in social and affordable housebuilding in a generation, and to support councils and housing associations to build their capacity and make a greater contribution to affordable housing supply.

It will deliver a mix of homes for sub-market rent and home-ownership, with a particular focus on delivering homes for Social Rent.

The Government will also consult on a new 5-year social housing rent settlement, which caps the rents social housing providers can charge their tenants, to provide the sector with the certainty it needs to invest in new social housing. The intention would be for this to increase with Consumer Price Index inflation figures and an additional 1%. The consultation will also seek views on other potential options to give greater certainty, such as providing a 10-year settlement.

These measures to increase affordable housing come alongside changes to the Right to Buy scheme, which will protect existing social housing stock to meet housing need and deliver a fairer and more sustainable scheme.

England’s existing social housing supply is depleted every year by the scheme while also disincentivising councils to build new social housing.

Discounts will be reduced alongside greater protections for newly-built social housing and councils will be able to keep 100% of the receipts generated by a Right to Buy sale. This will enable councils to scale-up delivery of much needed social housing whilst still enabling longstanding tenants to buy their own homes.

The £128 million will support the delivery of new housing projects – including up to 28,000 new builds currently blocked by river pollution – cleaning up our rivers in the process – 3,000 energy efficient homes across the country and 2,000 new homes in North Liverpool.

Meanwhile the £56 million investment at Liverpool Central Docks will also deliver office, retail, leisure and hotel facilities alongside the new homes. As well as demonstrating our brownfield-first approach, it will transform Liverpool’s former docklands into a thriving waterfront neighbourhood.

Kate Henderson, Chief Executive of the National Housing Federation, says:

We strongly welcome the £500m top-up to the affordable homes programme. This vital injection of funding, which we’ve been urgently calling for, will support housing associations to continue to deliver much needed affordable homes in the immediate term and prevent a collapse in delivery.

We share the government’s ambition to build 1.5million homes over this parliament and stand ready to deliver the social homes needed, which is why we welcome a consultation on a new rent settlement. This will provide both transparency for residents and long term certainty and financial stability for social housing providers. We also support the government’s decision to review right to buy discounts.

To achieve the affordable homes needed across the country, alongside this short term top-up, we look forward to a new long term housing strategy announced at the next spending review, including a significant boost in funding for social housing.

Charlie Nunn, Chief Executive of Lloyds Banking Group, said:

As the biggest supporter of social housing in the UK, we welcome the announcement of the funding boost for the Affordable Homes Programme and the plans to consult on a long-term social housing rent settlement.

A safe and lasting home is the foundation for so many essential needs and strong socio-economic outcomes. We need greater provision of housing which is both sustainable and genuinely affordable to enable our communities to thrive.

Councillor Louise Gittins, LGA Chair, said:

We are pleased the Government has acted on our call to increase Affordable Homes Programme funding. We have made the case for councils to be empowered to build more affordable, good quality homes quickly and at scale and this will boost councils’ ability to build desperately-needed affordable housing for local communities.

It has become increasingly impossible for councils to replace homes as quickly as they’re being sold through the Right to Buy (RTB) scheme. The LGA has long-called for reform to RTB and these positive measures will support the replacement of sold homes and to stem the continued loss of existing stock.

A 5-year rent settlement is a step in the right direction in providing certainty for councils on rental income, but to really strengthen and provide stability to Housing Revenue Accounts, a minimum 10-year rent settlement is needed, alongside restoration of lost revenue due to the rent cap and a review of the self-financing settlement of 2012. This would better support long-term business planning to ensure councils can deliver high quality homes and associated support for their tenants.

Councils stand ready to work with the Government to increase affordable housing and help people on council housing waiting lists and record numbers stuck in temporary accommodation.

Additional information

The government is confirming £128 million of funding to deliver the following projects which will deliver much-needed new homes at complex brownfield sites as well provide long-term solutions to improve the supply of homes:

Confirmation of a £56 million investment at Liverpool Central Docks which is expected to deliver 2,000 homes in North Liverpool, along with office, retail, leisure, and hotel facilities. This will transform Liverpool’s former dockland into a thriving waterfront neighbourhood.
A £25 million investment in a joint venture to establish a new fund with Muse Places Limited and Pension Insurance Corporation to deliver 3,000 energy-efficient new homes across the country, with a target of 100% of these being affordable.
The confirmation of £47 million to local authorities to tackle pollution in our rivers, which has halted housebuilding in highly polluted areas. This funding could support the delivery of an estimated 28,000 homes that cannot be built currently due to these restrictions. This funding will not only unlock much needed new housing but also clean up our rivers in the process.

Published 26 October 2024

MIL OSI United Kingdom –

MIL-OSI Asia-Pac: Launch of Building Safety Weeks 2024 today (with photos)

Source: Hong Kong Government special administrative region

The Buildings Department (BD) launched Building Safety Weeks 2024 today (October 26), with a view to promoting building safety messages to the public through a series of activities, as well as working continuously with the public and the building industry to create a safe and sustainable living environment for the community.

Speaking at the opening ceremony of Building Safety Weeks 2024 held at the BD Headquarters, West Kowloon Government Offices, the Permanent Secretary for Development (Planning and Lands), Ms Doris Ho, said that the Government is committed to enhancing building safety in Hong Kong, particularly addressing the issue of building dilapidation. A regular inspection programme has been implemented by the BD since the first quarter of this year to inspect the external walls of 360 higher-risk buildings each year, and to use drones and smart technologies to quickly assess the condition of building external walls and carry out emergency works where necessary. The Government also continues to implement a series of building rehabilitation assistance schemes to assist owners in fulfilling their maintenance responsibilities. Moreover, the Government is reviewing the Buildings Ordinance (BO) to explore, among others, increasing penalties and streamlining enforcement procedures. As stated in the Policy Address just delivered, the Government will soon put forward elderly-friendly building design proposals for consultation. One of the themes is to foster a safe and comfortable living environment for the elderly.

Ms Ho said that while it is the Government’s responsibility to improve building safety through policy review and measures, members of the public should also enhance their awareness of building safety and comply with government policies, so that the intended policy objectives can be achieved. She hoped that through the Building Safety Weeks 2024 promoting building safety, the community would work together to build a more liveable environment for Hong Kong.

The Director of Buildings, Ms Clarice Yu, outlined the future direction of the BD at the opening ceremony. She said that the Government will put forth proposals to amend the BO and launch a public consultation later this year. The proposed amendments will include enhancing the deterrent effect against non-compliance with notices under the Mandatory Building Inspection Scheme, repair orders, removal orders and unauthorised building works, as well as strengthening the registration and disciplinary systems of contractors. It will also propose to increase the types of exempted works and minor works under the BO. The BD will render full support to the Development Bureau in taking forward the work. Meanwhile, the BD will step up enforcement in accordance with the current BO and continue to work with the industry to promote preventive building maintenance through various promotional and educational activities to enhance owners’ awareness of the importance of proper maintenance of their own properties to avoid building dilapidations.

Ms Yu said that the BD has long committed to enhancing its services through innovative technologies, including the launch of Stage 3 of the Electronic Submission Hub (ESH) on June 30 this year to accept all types of plan submissions and related applications, facilitating the instant transmission of documents and communication between relevant departments, organisations, and building professionals, thereby enhancing work efficiency and significantly reducing paper consumption. The BD also launched in March this year the Building Information Modeling Area Tool to enable the industry to conduct automated checking of floor areas against the requirements under the BO, thereby enhancing quality and accuracy of the submissions of building plans. The BD will continue to play the role as a facilitator and strive to streamline the vetting procedures to assist the building industry in enhancing speed and efficiency in building developments. The industry is also encouraged to make use of innovative technologies to improve the built environment.

Building Safety Weeks is a major event of the BD’s annual public education and publicity efforts, which include the BD Inno Tech Open Day held today at the BD headquarters. In addition to thematic talks, the Open Day also included various exhibitions covering the ESH, the “WIN SAFE” mobile application, digital rebound hammer tests for concrete, water seepage tests, the use of drones and artificial intelligence to assist in external wall inspections of old buildings, etc to enable the public to have a more comprehensive understanding of the BD’s daily operation, as well as to promote building safety and foster a building safety culture.

In celebration of the 75th anniversary of the founding of the People’s Republic of China, the Open Day featured “Learning about 75 Building Plans” as a special activity for the public to learn how to inspect building and minor works records through the BD’s Building Records Access and Viewing On-line system. The first 75 successful registrants were given a copy of the building plan, the structural plan and the drainage plan of their own residential unit for free.

Another highlight of Building Safety Weeks is the Building Safety Symposium, which will be held on November 1 at the Y-Theatre, Youth Square, Chai Wan. The theme of this year’s symposium is “Building for Our Future: Smart Technologies for Building Safety and Sustainability”. Representatives from the building industry, the property management sector, the Government and academia will exchange views on the application of innovative technologies to enhance the safety of buildings and construction works.

Moreover, the BD will hold the Building Safety Carnival on November 9 and 10 and November 16 and 17 at Tuen Mun Town Plaza and Olympian City 2 respectively, with an aim to help members of the public acquire proper building safety knowledge through playing simple games.

For the latest information regarding Building Safety Weeks 2024, please visit the BD’s website (www.bd.gov.hk/en/whats-new/events-and-publicity/index.html).

MIL-OSI United Kingdom: Patrick Harvie Autumn Conference 2024 speech

Source: Scottish Greens

26 Oct 2024 Finance

Patrick Harvie called for the Scottish Government to take serious climate action and deliver a fairer, greener and better budget for Scotland.

Glasgow

Scottish Greens Co-leader, Net Zero, Constitution and External Affairs spokesperson

Greens always aim to offer an inspiring and positive vision at election times, because we believe that politics is capable of changing our society for the better.

Labour, by contrast, spent the whole election campaign trying to lower everyone’s expectations. Maybe they thought it was better to under-promise, rather than under-deliver. And yet somehow, they have managed to do both.

I don’t think there can be a single voter left in the UK who can honestly say they’ve been inspired by what has happened since.

Of course there is reason to be happy about seeing the end of 14 years of Tory austerity, corruption, and downright lies; to be rid of Boris Johnson and his pals partying in Downing street; or the shameless profiteering on the back of Brexit and the pandemic; or the Liz Truss blink-and-you-miss-it catastrophe – it’s no wonder the British public jumped at the opportunity for a change of government.

But Labour’s offer to the electorate, after they’d dumped every remnant of a radical programme and purged their progressive candidates, was so insipid that I warned that the UK was likely to get a change of government without a change of politics. And that’s exactly what we’ve seen from Keir Starmer’s Labour since then.

We’ve just passed the 100 day mark of this new Labour government. And what have they achieved in that time?

Keir Starmer has some lovely new suits, and if you can believe it thousands of pounds worth of quite boring glasses. Some of the cabinet have had some nice free holidays and Taylor Swift tickets.

But have they lifted the cruel two-child benefit cap which has forced families, and especially women and children into poverty? Perish the thought.

Have they cut the artificial link between gas and electricity prices, instantly making renewable home heating cheap and affordable for millions? Of course not, instead they’ve removed winter fuel payments from nearly 10 million pensioners, forcing vulnerable older people to choose between heating their home and feeding themselves.

It is a decision that is up there with the worst of the Tories; it’s one that will kill people. And unlike so many of their bad policies, this one wasn’t even in the Labour manifesto.

Our message to Keir Starmer is simple: reverse this cut. Do it now or your first year’s legacy will be a cold and deadly winter.

This is a Labour Government working for the few, not the many. A Labour government that is defending a broken status quo and standing up for the interests of big business and their corporate donors rather than working people.

Here in Scotland, Anas Sarwar told us to ‘read his lips’, promising that there would be ‘no austerity under Labour’.

Anas was probably hoping that a long Labour honeymoon would let him coast for much of the way to the 2026 election. Instead people have been given an instant reminder of just how underwhelming a Labour government can be.

Two weeks ago, Scottish Labour had the chance to take a different path, and condemn their London colleagues’ decision to means-test the winter fuel payment in a vote in the Scottish Parliament.

Instead, they doubled down, standing up for Starmer’s decision and supporting one of the cruellest cuts for years.

But perhaps Labour’s most shameful failure has been on the international stage.

The last 12 months have seen daily horrors and atrocities inflicted on the people of Gaza. So many children, so many whole families, have had their lives destroyed in some of the gravest war crimes in living memory. It has been the collective punishment of millions of people.

The killing has spread to Lebanon, and missile attacks between Israel and Iran, with Netanyahu deliberately increasing the risk of a wider regional war.

For the international community this has been one of the most profound moral tests for our age, and it is one that Labour has failed badly.

When hospitals and homes have been bombed into rubble, and when genocide is being inflicted, we all have a moral duty to stand against it, and to stand on the side of humanity.

Yet, Keir Starmer can’t even bring himself to end political and military support for Israel or take action against even its most extreme far right politicians.

Every government is under a moral obligation to do everything possible to oppose the atrocities. That is why we have persistently called on the Scottish Government to block all public contracts for companies who are complicit in the illegal settlements in the West Bank, and why we have called for an end to all public grants and support for the companies who are profiting from the killing.

Even ending the arms sales and the bombing isn’t enough; peace requires justice, and that means an end to the decades of occupation, and it means statehood for Palestine.

Conference, it is long past time to end this complicity. It is long past time for a watertight arms embargo and it is long past time for an end to all trade with the illegal settlements in the occupied territories.

It is long past time for Scotland and the UK to join the call for boycott, disinvestment and sanctions against Israel. Because profiting from atrocities must have no place in a civilised society.

Conference, the months and years ahead will be crucial for peace, and they will also be crucial for the fate of our planet.

With global temperatures rising, Governments must take bold and urgent action both here in Scotland and around the world.

With just 18 months left of this session of the Scottish Parliament, the SNP now face some key tests on an issue they still claim is a priority.

The first of those is underway already, as Holyrood considers the Scottish Government’s new Climate bill.

The first two Climate Change Acts were statements of high ambition. This third one will be an admission that, as Greens have long argued, Scotland is years behind where we should be. That’s an admission that needs to be made; but making it demands an urgent acceleration of action here and now, not just promise of more plans to come.

When we last met in April, I said that Scotland has been held back by too many politicians ready to celebrate the supposed ‘world-leading’ targets, while blocking the action needed to actually meet them.

We have known for decades how to do it – it’s getting people out of cars and onto clean public transport; replacing fossil fuel for home heating with cheap, abundant renewables; changing the way we manage our land and farm our food, so we lock up more carbon than we produce; and ending the extraction of oil and gas in the north sea for good.

But what have we seen in the last six months from the now minority Scottish Government? Instead of accepting that missed targets demand accelerated action, they’ve chosen a sharp u-turn on much of the action that the Greens had been advancing.

Cutting the funding for climate projects and net-zero investment; returning to exorbitant prices on our railways; rolling back on new clean standards for home heating – these are not the actions of a Government that is serious about climate action.

And on some key climate policy areas they are simply stalling. A new energy strategy is long overdue; they said it was ready to publish before the UK election, but we’re still waiting.

Greens had insisted on a climate assessment of their road building plan for the A96, and it’s been sitting on Ministers’ desks too, unpublished. They need to come clean, publish that assessment, and make a decisive shift in their priorities, from unsustainable road building, to the green, low carbon infrastructure we need.

While this dithering and inaction continues, experts like Jim Skea of the IPCC are now warning not only could 1.5 degrees of warming be moving out of reach, but that we are potentially headed to more than 3°C of global warming in this century if we carry on with the policies we have at the moment.

Three degrees plus of warming would be catastrophic for life on this planet. We know what we need to do, yet the Scottish Government is refusing to take some of the most basic steps.

So the Scottish Greens will not waive the Climate Targets bill through Holyrood as a ‘minor technical amendment’ as the Scottish Government claims.

When parliament goes back next week, Mark Ruskell and I will be moving amendments to the bill to try and improve it where we can.

We’ll try to keep the interim targets alive, as crucial milestones on our path to net zero; we’ll put forward improvements to the timescales in the bill, because as it stands they risk wasting most of the time left till the next Holyrood election without an agreed climate plan.

But the thing is, outside of the text of the Bill, what’s really needed now is an immediate programme of accelerated action to deliver emission cuts that are long overdue.

A climate plan is only worthwhile if it takes the steps that are necessary, like halting new road building projects, investing in public transport and refusing the plan to expand the gas-fuelled power station at Peterhead.

These are just some of the actions that we have put forward as part of our Climate Reset package, published in August. Even these plans aren’t the end of the story, not by a long way, but without these kinds of changes right now, the Scottish Greens cannot vote for the new Climate bill.

Our demands for climate action must not end with this legislation however – tackling the climate emergency must be a mission across all parts and all levels of Government.

Nowhere is this more pressing than the upcoming Budget.

We recognise the challenges that come with the limitations of devolution, as well as the impact of 14 years of Tory cuts and now what looks like continued austerity under Labour. We know our full ambition for a fairer, greener economy can best be delivered with the powers of a normal independent country.

However, we’ve also been clear in recent months that we still have a duty to use every last lever available to solve the current crisis in Scotland’s public finances.

On Wednesday, when the UK Government publishes its budget, we’ll have a better idea of the financial situation Scotland faces. Labour could and should choose to end austerity, and restore Scotland’s budget to workable levels. But given their track record, none of us will be holding our breath for that.

Even the current rumours of an increase in capital spending won’t take us anywhere near the levels of investment that are needed, and UK Ministers have openly lobbied against the public service cuts they are being told to make.

There are those in Scottish politics who refuse the responsibility to offer solutions. Instead they demand the impossible, pretending that every tax can be cut and every service funded, and they never need to make the sums add up. That’s dishonest politics, and it’s never been the Green approach.

The Scottish Greens have been honest about needing to raise more money through fair taxes if we want to support public services. We are proud that we have the most progressive tax system anywhere in the UK. That is because of the work of Green activists and members in this hall and across this country, and our work in Parliament.

That’s why there’s an extra billion and a half pounds going into public services every year. It’s why councils are now able to raise more tax from second homes, and from the tourism industry.

We’ll continue to ensure the Scottish Government comes good on the commitments we secured to introduce new local taxes such as on cruise ships and carbon emissions from land, and we’ll hold them to account on the long overdue commitment for wider reform of local government finance – one of the biggest missed opportunities of the first 25 years of the Scottish Parliament, and one where the SNP are still dragging their feet.

We’ve shown how we could make big savings by stopping tax breaks to wealthy landowners and enterprise grants to arms companies, and by bringing in more money to support our healthcare system through a public health levy on supermarkets.

But these steps are only the start. Extra funds raised through tax or coming from the UK Government must go into reversing the broken promises made by the SNP government since they ended the Bute House Agreement.

That includes reinstating the plan to roll out free school meals to all children in Scotland’s primary schools before the next election, restoring the Scottish Green’s Nature Restoration Fund, fully funding an ambitious programme to cut energy bills and emissions from our home heating, and reversing the decision to bring back peak rail fares which punish workers and students.

But crucially, John Swinney must also address the very real issue of the trust that was broken this year.

In the last six months we’ve not only seen Bute House Agreement policies facing the axe, but commitments which were agreed before we even entered Government, as well as commitments that were made to local government.

Now, for the first time in four years, we’re being asked to back a Scottish Government budget without a role in overseeing how it’s implemented; to vote on the basis of trust. That is a risk we cannot take lightly.

Later today, our Finance portfolio lead Ross Greer will open a conference debate calling on the Scottish Government to guarantee no future agreements will be subject to in-year cuts.

But even with that in place, we still face a challenging few months ahead. As Scottish Green MSPs, we have a responsibility to engage with the process in good faith, and with honesty. But as the only party that ever brought down an SNP budget, as John Swinney knows to his cost, we need to be clear that they cannot take our votes for granted.

Conference, this budget marks a turning point, not just because of the difficult circumstances and the challenges facing the country, but also because it’s the last full year budget for this parliamentary session.

In just 18 months, Scotland will go back to the polls. Voters will make a decision that will be crucial to ensuring a sustainable and livable future for our planet, and for the people of Scotland.

We’ve made important progress for Green politics in recent years – a string of ‘best ever’ election results at every level, from the 2019 European elections onward. Our first opportunity to enter government, and sustained high polling through turbulent times when the political right threw everything they had at us.

And despite the end of the Bute House Agreement, we have a clear role and opportunity to ensure delivery of what we got started, and hold the SNP to account for progressive Green policies they choose to drop, demonstrating to voters the reason why Green votes make a difference.

But if we want the 2026 election to continue that string of election successes, and turn our potential into a reality, we need to keep learning, developing, and becoming the effective and professional political force we are capable of being.

As a movement, Greens don’t exist for easy times. We’re here to draw attention to the profound challenges our society faces, from environmental destruction to poverty and inequality, from global threats to democracy, to the abuse of power by those who operate today’s failed economic model for their own short term benefit.

Lots of politicians talk about “tough choices”, but what they really mean is sticking with the consequences of the status quo. They make brutal choices, but easy ones – hurting the most vulnerable is the path of least resistance, far easier then challenging the powerful.

Greens exist to take on the really tough choices – the choice to change our society, our economy and our politics, knowing that it’s not an easy path.

Our party will do that, and will earn the trust of those who know it needs to be done, if we are united, true to our values, politically disciplined, and honest. And if we work hard – knocking on doors, campaigning in our communities and making green change happen at every level.

That’s what we are, that’s why we’re here, to be more than just a party, to be a movement. A movement for people, a movement for planet and a movement for peace. And a movement that is needed more than ever.

MIL OSI United Kingdom –

MIL-OSI United Kingdom: Harvie warns SNP not to take Green budget votes for granted

Source: Scottish Greens

26 Oct 2024

Scotland’s next budget must deliver a fairer, greener Scotland to secure Green support.

Scottish Green co-leader Patrick Harvie has warned the First Minister, John Swinney, that he cannot take Scottish Green votes for granted on the upcoming Scottish budget, reminding the SNP leader that his party are the only ones to have ever brought down an SNP budget.

The Glasgow MSP said reversing the broken promises made by the SNP government since the end of the Bute House Agreement would be a priority for his party.

Mr Harvie said, “We’ve shown how we could make big savings by stopping tax breaks to wealthy landowners and enterprise grants to arms companies, and by bringing in more money to support our healthcare system through a public health levy on supermarkets.

“But these steps are only the start. Extra funds raised through tax or coming from the UK Government must go into reversing the broken promises made by the SNP government since they ended the Bute House Agreement.

“That includes reinstating the plan to roll out free school meals to all children in Scotland’s primary schools before the next election, restoring the Scottish Green’s Nature Restoration Fund, fully funding an ambitious programme to cut energy bills and emissions from our home heating, and reversing the decision to bring back peak rail fares which punish workers and students.”

As Scottish Green MSPs, we have a responsibility to engage with the process in good faith, and with honesty. But as the only party that ever brought down an SNP budget, as John Swinney knows to his cost, we need to be clear that they cannot take our votes for granted.”

Mr Harvie also said the Scottish Greens MSPs would not ‘wave through’ the Climate Targets bill currently going through parliament, repeating calls for a ramping up of climate action from the minority SNP Government.

He said, “The first two Climate Change Acts were statements of high ambition. This third one will be an admission that, as Greens have long argued, Scotland is years behind where we should be.

“It is an admission that needs to be made; but making it demands an urgent acceleration of action here and now, not just promises of more plans to come.

“But what have we seen in the last six months from the now minority Scottish Government? Instead of accepting that missed targets demand accelerated action, they’ve chosen a sharp U-turn on much of the action that the Greens had been advancing.”

MIL OSI United Kingdom –

MIL-Evening Report: LNP wins Queensland election, likely with a clear majority

Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

With 45% of enrolled voters counted in today’s Queensland state election, The Poll Bludger’s results have the Liberal National Party (LNP) winning 38 of the 93 seats, Labor 26, Katter’s Australian Party (KAP) three and independents one.

Including undecided seats where one party is ahead, it’s 49 LNP, 39 Labor, three KAP, one Green and one independent. A majority is achieved with 47 seats, so the LNP are on track for a majority.

The statewide two-party estimate is a 53.1–46.9 win to the LNP, a 6.3% swing to the LNP since the 2020 election. Current primary votes are 40.9% LNP (up 5.7%), 33.4% Labor (down 6.6%), 10.3% Greens (up 0.7%), 7.8% One Nation (up 1.0%) and 2.3% KAP (down 0.3%).

As pre-poll and postal votes have come in, the swing to the LNP has increased as these votes have had stronger swings to the LNP than election day votes. There are many more pre-poll and postals still to be counted, so it’s more likely that the LNP will exceed its current projections than fall below them.

I believe the Resolve poll that gave the LNP a 53–47 lead will be the most accurate. While Labor recovered from landslide defeat margins in polls taken about the middle of this year, it wasn’t enough. The uComms poll that gave the LNP just a 51–49 lead two days before the election was poor.

The Greens lost South Brisbane to Labor, after the LNP recommended preferences to Labor on their how-to-vote material after recommending preferences to the Greens in 2020. Analyst Kevin Bonham said this is the first time the Greens have lost a single-member seat that they won at the previous general election.

The key reasons for Labor’s defeat were an “it’s time” factor, as Labor has governed since winning the January 2015 election, the federal Labor government tending to hurt state Labor parties, and Queensland easily being the most pro-Coalition state at the 2022 federal election.

At that election, Queensland was the only state where the Coalition won the two-party vote (by 54.1–45.9). The second best state for the Coalition was New South Wales, where Labor won the two-party vote by 51.4–48.6.

Labor’s defeat in Queensland will give some assistance to federal Labor. An unpopular and old Queensland Labor government would have hindered federal Labor’s prospects in Queensland at the federal election that is due by May 2025.

Late polls

The Newspoll and uComms poll were both released after Wednesday’s preview article on the Queensland election.

A Newspoll, conducted October 18–24 from a sample of 1,151, had given the LNP a 52.5–57.5 lead, a 2.5-point gain for Labor since a mid-September Newspoll. Primary votes were 42% LNP (steady), 33% Labor (up three), 11% Greens (down one), 8% One Nation (steady) and 6% for all Others (down two).

Labor premier Steven Miles gained seven points for a -3 net approval, with 48% dissatisfied and 45% satisfied. LNP leader David Crisafulli’s net approval plunged 15 points to -3. Miles led Crisafulli by 45–42 as better premier, a reversal from a 46–39 Crisafulli lead in September.

A uComms poll that was conducted Thursday from a sample of 3,651 using robopolling, gave the LNP a 51–49 lead. Bonham had primary votes from this poll, which was not commissioned by anyone. The primary votes were 39.3% LNP, 33.6% Labor, 12.9% Greens, 7.8% One Nation, 2.9% KAP and 3.5% others.

Federal Essential poll: Labor slumps and Dutton’s ratings jump

A national Essential poll, conducted October 16–20 from a sample of 1,140, gave the Coalition a 48–46 lead including undecided (49–47 to Labor in early October). Primary votes were 35% Coalition (up one), 28% Labor (down four), 12% Greens (steady), 7% One Nation (down one), 2% UAP (up one), 9% for all Others (steady) and 6% undecided (up one).

Anthony Albanese’s net approval improved one point from September to -4, with 48% disapproving and 44% approving. He has improved six points since August. Peter Dutton’s net approval jumped six points to +6, his best in any poll this term.

King Charles had a 50–26 approval rating. By 45–39, voters supported Australia becoming a republic (42–35 in January). On Australia’s colonial history, 26% thought it something we should be proud of, 12% something we should be ashamed of and 62% said it had both positive and negative elements.

On the National Anti-Corruption Commission, 46% thought it is largely operating as intended but could be improved, 14% wanted it abolished and 10% said it’s successful.

Freshwater poll: Coalition holds narrow lead

A national Freshwater poll for The Financial Review, conducted October 18–20 from a sample of 1,034, gave the Coalition a 51–49 lead, a one-point gain for Labor since the September Freshwater poll. Primary votes were 41% Coalition (down one), 30% Labor (steady), 13% Greens (steady) and 16% for all Others.

Albanese’s net approval was up one point to -14, with 49% unfavourable and 35% favourable. Dutton’s net approval improved two points to -2. Albanese was just ahead as preferred PM by 44–43 (45–41 in September).

Asked about Albanese buying a $4.3 million house, 52% said it had no impact on their view of him, 36% said it had worsened their view and 4% improved their view.

Cost of living remained the top issue with 72% saying it was important. The Coalition retained a 14-point lead over Labor on this issue and a 16-point lead on managing the economy.

Morgan poll: Labor jumps ahead

A national Morgan poll, conducted October 14–20 from a sample of 1,687, gave Labor a 52–48 lead, a two-point gain for Labor since the October 7–13 Morgan poll.

Primary votes were 36.5% Coalition (down one), 32% Labor (up two), 13.5% Greens (down 0.5), 5.5% One Nation (down 0.5), 9% independents (steady) and 3.5% others (steady).

The headline figure uses respondent preferences. By 2022 election preference flows, Labor led by 53–47, a two-point gain for Labor.

Adrian Beaumont does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. LNP wins Queensland election, likely with a clear majority – https://theconversation.com/lnp-wins-queensland-election-likely-with-a-clear-majority-241918

MIL OSI Analysis – EveningReport.nz –

MIL-OSI USA: Background Press Call on Israel’s Targeted Strikes Against Military Targets in Iran

US Senate News:

Source: The White House
Via Teleconference
11:15 P.M. EDT
MODERATOR: Good evening, everyone. Thanks so much for joining the call, especially one on short notice and late on a Friday.
As a reminder, this call is on background, attributable to a senior administration official. For your awareness, not for your reporting, on the call today we have [senior administration official].
This call is embargoed until the conclusion of the call.
[Senior administration official] is going to have a few words at the top, and then we’ll take your questions.
Over to you.
SENIOR ADMINISTRATION OFFICIAL: Thank you, everybody, for joining here late on a Friday.
So, I’m here to provide some brief comment and background on Israel’s response earlier this evening against Iran. And just as you will recall, on October 1st, so a few weeks ago, Iran launched an unprecedented attack of nearly 200 ballistic missiles at Israel, which was a significant escalation. Many of these missiles targeted Israel’s most populated city of Tel Aviv. Those missiles had the potential to kill hundreds of civilians.
Fortunately, that attack was defeated and ineffective thanks in no small part to U.S. assistance. President Biden directed the U.S. military to help defend Israel during the attack. And in the hours after that attack, we promised serious consequences for Iran.
The next morning, on October 2nd, the President spoke with his G7 counterparts to coordinate a diplomatic response. And over the course of the following week, we and our partners implemented a coordinated series of sanctions against Iran.
And just to review:
The United States, we issued new sanctions against Iran’s oil sector, including its so-called Ghost Fleet that carries illicit oil products around the world.
The European Union for the first time sanctioned Iran’s civilian airliners, including Iran Air, rendering those airlines no longer able to access European destinations.
The United Kingdom and Australia issued new and sweeping sanctions against Iran’s missile program.
This is a coordinated effort across multiple jurisdictions that President Biden led, and those efforts are ongoing with allies and partners.
Tonight, Israel carried out a direct military response against Iran. Specifically, Israel conducted precision airstrikes against multiple military targets across Iran and outside populated areas.
The United States was not a participant in this military operation.
The President and his national security team, of course, worked with the Israelis over recent weeks to encourage Israel to conduct a response that was targeted and proportional with low risk of civilian harm, and that appears to have been precisely what transpired this evening.
The President discussed the overall situation with Prime Minister Netanyahu last week. He encouraged the Prime Minister to design a response that served to deter further attacks against Israel while reducing risk of further escalation. And that is our objective; it’s Israel’s objective, as well, as they have stated this evening.
Should Iran choose to respond, we are fully prepared to once again defend against any attack. We recently deployed a THAAD battery, which is a ballistic missile defense system, to Israel. And we have worked to strengthen Israel’s air defense systems in the run-up to tonight’s response.
President Biden and Vice President Harris have demonstrated clearly that we will always help defend Israel and secure its people and territory from Iran and its proxy terrorist groups.
If Iran chooses to respond once again, we will be ready, and there will be consequences for Iran once again. However, we do not want to see that happen. This should be the end of this direct exchange of fire between Israel and Iran. Israel has made clear to the world that its response is now complete.
Accordingly, we would call on all countries of influence to press Iran to stop these attacks against Israel so that we can move beyond this direct cycle of attacks.
Over the coming days, we are prepared to lead an effort to secure an end to the war in Lebanon through an agreement that allows civilians on both sides of the Blue Line to safely return to their homes. We are also prepared to lead an effort to finally achieve a ceasefire in Gaza together, with the return of hostages, which must happen without delay.
The overall contours of those arrangements are in place. Tony Blinken was in the region last week. This week, there will be further engagements, including a meeting of hostage negotiators over the coming days. And it’s time to bring these deals to a resolution once and for all.
I would just note for some color on the recent hours here over the course of this evening: Of course, the President was briefed throughout the evening by Jake Sullivan, his National Security Advisor, as we are here at the White House. Secretary Austin spoke with his Israeli counterpart, Minister Yoav Gallant, a couple of hours ago. And we just issued a — the Defense Department just issued a readout of that call, again, affirming Israel’s full right to self-defense against Iran and our support for its actions tonight, and our commitment to help defend Israel should Iran make the mistake to respond to this attack.
And with that, I’m happy to take a few questions.
MODERATOR: Thank you. We’ve got time for just a couple of questions.
First up, we’ll go to Aamer Madhani. You should be able to unmute yourself.
Q    Hey. Thank you both. Did the U.S. assist in any manner at all? Target selection, intel, jamming? And do you assess this action to have had significant-enough impact on Iran’s ability to continue to strike Israel directly or its ability to arm Hezbollah?
SENIOR ADMINISTRATION OFFICIAL: So, as I said in my statement, we did not participate in this military operation, and I think that’s very clear.
I would just say: I’ll leave it to the Israelis to describe the scope and breadth of their response this evening. It was extensive. It was targeted. It was precise. It was against military targets across Iran. It was in multiple waves. It was very carefully prepared. And again, I think it was designed to be effective.
And I think — again, I will leave it, though, to the Israelis to characterize and to provide more details, given that this was their military operation.
MODERATOR: Next up, we’ll go to Trevor Hunnicutt.
Q    Hey. Thanks for doing this. Could you talk a little bit about what, if any, communications or indications you had from Iran heading into this about what level of response they’re willing to engage in? And could you talk a little bit about the President’s — any plans for the President to follow up with Netanyahu after this?
SENIOR ADMINISTRATION OFFICIAL: We do have multiple channels with Iran, direct and indirect. We try to avoid any sense of miscommunication. And they know exactly what our position is on multiple issues, including the dangers and risks of their course of conduct, particularly the launching of 200 ballistic missiles focusing primarily on densely populated areas in Israel’s most populated city, which also includes tens of thousands of Americans.
That is totally unacceptable. We will not accept it. We will support Israel defending itself. And, obviously, we’ll support Israel fully in its right to self-defense. Iran knows our position on that is unequivocal. And we are quite clear that there’s no misunderstanding or miscommunication between us and Iran.
In terms of communication with the Israelis, we are in constant communication with the Israelis up and down their system — military to military, intel to intel, and at the political level. That is something that is ongoing and continuous.
Again, Jake briefed the President multiple times throughout the evening as this was unfolding and, of course, throughout the day today as it was developing. And I think that will obviously continue through the weekend. But I don’t have any calls to preview or read out.
MODERATOR: We have time for one last question. We’ll go to the line of Kayla Tausche.
Q    Thank you, guys, so much for doing this. We appreciate it.
I have two questions. The first is: You’ve described these strikes as “designed to be effective.” Can you elaborate on what effect they were intended to have and whether they, in fact, did?
And then, you’ve suggested that this should be the end to the conflict, but does the administration believe it will be the end of the conflict?
SENIOR ADMINISTRATION OFFICIAL: So, first of all, the effect, it’s a proportionate self-defense response to an unbelievably brazen and reckless ballistic missile attack, almost unprecedented in history, that has launched almost three weeks ago. So, the effect is to deter future attacks and also to degrade the capabilities of Iran being able to conduct those types of activities.
As to specific targets, I will say we know them, but I would leave it to the Israelis to discuss them in any further detail.
What was your second question? I’m sorry.
Q    The second question was: You have suggested that this should be the end of the conflict, but does the administration actually believe that it will be?
SENIOR ADMINISTRATION OFFICIAL: Well, this should be the end of the direct military exchange between Israel and Iran. And so, we had a direct exchange in April, and that was closed off, and we’ve now had this direct exchange. Again, a direct — 200 ballistic missiles fired from Iran at Israel. Israel did not attack Iran. Iran attacked Israel, 200 ballistic missiles. And Israel, tonight, has responded to that attack as an exercise of self-defense. As far as we’re concerned, that should close out that direct exchange between Israel and Iran.
As to the broader conflicts in the region, obviously much more complex. I mentioned and alluded to them in my statement. We do have a number of initiatives ongoing with respect to those.
But as to the direct military exchange between Israel and Iran, we do think this should complete that direct exchange. And, again, should Iran choose to respond, we are fully prepared to defend Israel and support Israel, and there will be consequences should Iran make that unfortunate decision.
But as far as we’re concerned, this direct exchange, this should be the end of it. I will say we’ve heard the same thing from many across the region, including many with close ties to Iran. So we’ll see how that unfolds.
But that is our very strong view. That’s been communicated to our partners throughout the region, and obviously it’s been communicated through multiple channels, indirectly and directly, to Iran.
MODERATOR: Thanks, everyone. That’s all the time we have for tonight. As a reminder, this call was on background to a senior administration official, and the embargo is now lifted. Thanks so much, and have a good night.
11:27 P.M. EDT

MIL-OSI United Nations: Secretary-General’s video message to the Donor Conference to Support Internally Displaced People and Refugees in Sahel and Lake Chad Region

Source: United Nations secretary general

Download the video: https://s3.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+8+Oct+24/3271915_MSG+SG+SAHEL+AND+LAKE+CHAD+08+OCT+24.mp4

Excellencies, friends,

I thank the Kingdom of Saudi Arabia and the Organization of Islamic Cooperation for convening this vital event.

The Sahel and Lake Chad Basin regions have immense potential: rich in cultures, with vibrant youth populations, and endless possibilities for renewable energy – all valuable building blocks for sustainable development.

However, the area also faces profound challenges: from violence and terrorism, to the climate crisis.

This year floods swept through the lives of around five million people.

Across the regions we see crises of hunger, crises of hope, and crises of displacement.

The Sahel is home to over seven and a half million people driven from their homes, including two million refugees. Over thirty million require humanitarian assistance.

The United Nations is on the ground, supporting governments and communities to provide food, healthcare, education, and shelter.

But we need more support.

Our humanitarian response plans are around forty percent funded.

I sincerely thank all those that have contributed for their generosity. This will save lives and livelihoods. But I also ask countries to dig deeper to help fund our response plans in full.

And I urge action to move beyond aid, and tackle the root causes of crises:

Addressing poverty and inequality, particularly among women and girls;

Adapting to climate change;

Promoting peace and democracy;

And urging parties to end hostilities, protect civilians and ensure full humanitarian access.

The United Nations is eager to work with communities, countries, humanitarian partners, Multilateral Development Banks, and international funds, to deliver change.

Together, let’s renew our resolve to help forge a path to a more secure, prosperous, and dignified future for the people of Sahel and Lake Chad.

Thank you.

MIL OSI United Nations News –

MIL-OSI Africa: Secretary-General’s video message to the Donor Conference to Support Internally Displaced People and Refugees in Sahel and Lake Chad Region

Source: United Nations – English

strong>Download the video: https://s3.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+8+Oct+24/3271915_MSG+SG+SAHEL+AND+LAKE+CHAD+08+OCT+24.mp4

Excellencies, friends,

I thank the Kingdom of Saudi Arabia and the Organization of Islamic Cooperation for convening this vital event.

The Sahel and Lake Chad Basin regions have immense potential: rich in cultures, with vibrant youth populations, and endless possibilities for renewable energy – all valuable building blocks for sustainable development.

However, the area also faces profound challenges: from violence and terrorism, to the climate crisis.

This year floods swept through the lives of around five million people.

Across the regions we see crises of hunger, crises of hope, and crises of displacement.

The Sahel is home to over seven and a half million people driven from their homes, including two million refugees. Over thirty million require humanitarian assistance.

The United Nations is on the ground, supporting governments and communities to provide food, healthcare, education, and shelter.

But we need more support.

Our humanitarian response plans are around forty percent funded.

I sincerely thank all those that have contributed for their generosity. This will save lives and livelihoods. But I also ask countries to dig deeper to help fund our response plans in full.

And I urge action to move beyond aid, and tackle the root causes of crises:

Addressing poverty and inequality, particularly among women and girls;

Adapting to climate change;

Promoting peace and democracy;

And urging parties to end hostilities, protect civilians and ensure full humanitarian access.

The United Nations is eager to work with communities, countries, humanitarian partners, Multilateral Development Banks, and international funds, to deliver change.

Together, let’s renew our resolve to help forge a path to a more secure, prosperous, and dignified future for the people of Sahel and Lake Chad.

Thank you.

MIL OSI Africa –

MIL-OSI Canada: Minister Hussen announces support for financial stability in developing countries at the 2024 Annual Meetings of the International Monetary Fund and the World Bank Group

Source: Government of Canada News

News release

October 26, 2024 – Washington, D.C. – Global Affairs Canada

Financial inclusion gives people a fair chance to succeed. However, with the rising cost of living, regional conflicts, and natural disasters caused by climate change, financial pressures have impacted everyday life, especially for the world’s most vulnerable.

Yesterday, the Honourable Ahmed Hussen, Minister of International Development concluded his participation at the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington. While there, he announced a $20 million contribution to the Toronto Centre over five years.

Canada’s investment will expand the reach of the Toronto Centre’s tailored training to financial regulators in developing countries, including for women. Women continue to be less likely than men to have access to financial institutions, or even have their own bank account. Gender inclusive training can help break the cycle of gender-based poverty – changing lives and increasing women’s participation in the economy. The project focuses on Sub-Saharan Africa, the Indo-Pacific region and special assistance to Ukraine.

Minister Hussen also engaged with global partners, World Bank management and other key stakeholders, committed to working with Canada to improve accessing to finance for those who need it most, especially women, a priority under Canada’s Feminist International Assistance Policy. The World Bank Group is an important partner in funding development projects that help increase financial stability, making it easier for people to access financial services, and providing support in times of crisis.

Quotes

“Canada is proud to continue our partnership with the Toronto Centre. This Canadian powerhouse has a long track record of strengthening financial systems through their training and expertise. What this means is that more women and girls will get access to stable financial resources, unlocking the door to reaching their full potential. Together, Canada and the Toronto Centre will continue to build a more inclusive financial sector around the world.”

– Ahmed Hussen, Minister of International Development

“We are deeply grateful to Global Affairs Canada for their continued support since our inception in 1998. This timely funding renewal strengthens our ability to build capacity in emerging markets and developing economies in line with the sustainable development goals to spur financial resilience and inclusion, mobilize domestic resources, and alleviate poverty. Our foundational institution-building work strengthens financial regulatory environments, fostering sustainable growth and building global confidence.”

– Babak Abbaszadeh, President and CEO, Toronto Centre

Quick facts

Canada is a founding member of the World Bank Group and the International Monetary Fund and is represented at their Boards by Canada’s Minister of Finance.
The WBG is Canada’s largest development partner institution. Since 1945, we have worked together in every major area of development and in boosting shared prosperity through inclusive, sustainable economic growth and development.
The Annual Meetings for the International Monetary Fund and the World Bank is an opportunity for the global community to come together and advance a range of issues related to poverty reduction and international economic development, while advancing the Sustainable Development Goals.
In June 2024, Prime Minister Justin Trudeau announced that Canada would purchase $274 million (US$200 million) in hybrid capital from the World Bank’s International Bank for Reconstruction and Development (IBRD). This innovative financing mechanism provides additional capacity for the Bank to provide loans to developing countries, with a leverage factor of 6.5 times. This means up to $1.8 billion in additional lending is available to help developing countries meet the SDGs – from improving education and health to reducing food insecurity and carbon footprints.
Canada is a founding member of the Toronto Centre and together, they have built a partnership that dates back to 1998.
The Toronto Centre has hosted regular side events within the IMF and World Bank Annual and Spring meetings.
Since inception in 1998, Toronto Centre has enhanced the capacity of more than 28,000 financial supervisors from 190 countries and territories to build more stable, resilient, and inclusive financial systems.

Associated links

Contacts

Olivia Batten
Press Secretary
Office of the Minister of International Development
Olivia.Batten@international.gc.ca

Media Relations Office
Global Affairs Canada
media@international.gc.ca
Follow us on X (Twitter): @CanadaDev
Like us on Facebook: Canada’s international development – Global Affairs Canada
Follow us on Instagram: @canadadev

MIL OSI Canada News –

MIL-OSI Security: U.S. Marshals Capture Memphis Murder Suspect in Minneapolis

Source: US Marshals Service

Memphis, TN – The U.S. Marshals Service (USMS) in the Western District of Tennessee and the District of Minnesota coordinated to capture a fugitive, Jaylon Remus, 25, of Memphis. Remus was wanted for first degree murder, aggravated assault, especially aggravated robbery, and reckless endangerment out of Shelby County, Tennessee.

On September 4, 2024, a warrant was issued for the arrest of Remus out of Shelby County. The USMS Two Rivers Violent Fugitive Task Force (TRVFTF) in Memphis adopted the case the same day. The TRVFTF developed information that Remus had fled to the Minneapolis area and requested the USMS in Minnesota for help in locating him.

On October 21st, deputy marshals from the North Star Fugitive Task Force in Minneapolis tracked Remus to a family member’s house in the City of Medina outside the Minneapolis area. Remus surrendered to deputies at the front door of the residence and is pending extradition back to Tennessee.

The U.S. Marshals Two Rivers Violent Fugitive Task Force is a multi-agency task force within Western Tennessee. The TRVFTF has offices in Memphis and Jackson, and its membership is primarily composed of Deputy U.S. Marshals, Shelby, Fayette, and Tipton County Sheriff’s Deputies, Memphis and Jackson Police Officers, the Tennessee Department of Correction Special Agents and the Tennessee Highway Patrol. Since 2021, the TRVFTF has captured over 2,600 violent offenders and sexual predators.

MIL-OSI Security: Member of Violent Gang Pleads Guilty to Racketeering Involving Drug and Firearms Trafficking

Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

BOSTON – A Boston area man pleaded guilty today to his role in Cameron Street, a violent Boston gang.

Jose Afonseca, 32, pleaded guilty today to conspiracy to participate in a racketeering enterprise, conspiracy to distribute 500 grams or more of cocaine and dealing in firearms without a license. U.S. Senior District Court Judge William G. Young scheduled sentencing for Jan. 30, 2025.

During the investigation, Afonseca was identified as member of the Cameron Street gang, who worked with other Cameron Street members to distribute hundreds of grams of cocaine and cocaine base, more commonly referred to as “crack” cocaine, from a stash house in Somerville. Afonseca was recorded discussing his ability to acquire illegal firearms and was recorded selling two firearms and over 30 rounds of ammunition to a cooperating witness. On Aril 15, 2022, agents executed a series of arrest and search warrants in this case. Three hundred ninety-eight grams of cocaine, along with packaging materials, two hydraulic presses, a digital scale, a cell phone, and $14,986 in U.S. currency were seized from the stash house.

According to court documents, Cameron Street, a violent gang based largely in the Dorchester section of Boston that uses violence and threats of violence to preserve, protect, and expand its territory, promote a climate of fear, and enhance its reputation.

The charge of RICO conspiracy and conspiracy to interfere with commerce by force or violence each provide for a sentence of up to 20 years in prison, three years of supervised release and a fine of $250,000. The charge of conspiracy to distribute 500 grams or more of cocaine provides for a minimum sentence of five years and a maximum sentence of 40 years, a $5 million fine, and a minimum four years supervised release up to life. The charge of dealing in firearms without a license provides for a sentence of up to five years in prison, three years of supervised release, and a fine of $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

This operation is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi-jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

Acting United States Attorney Joshua Levy; James M. Ferguson, Special Agent in Charge of the Bureau of Alcohol, Tobacco, Firearms and Explosives, Boston Field Division; Stephen Belleau, Acting Special Agent in Charge of the Drug Enforcement Administration, New England Field Division; and Boston Police Commissioner Michael Cox made the announcement today. Valuable assistance was provided by the Massachusetts State Police; Suffolk County Sheriff’s Office; Suffolk, Plymouth, Norfolk and Bristol County District Attorney’s Offices; and the Canton, Quincy, Randolph, Somerville, Brockton, Malden, Stoughton, Rehoboth and Pawtucket (R.I.) Police Departments. Assistant U.S. Attorneys Christopher Pohl and Charles Dell’Anno of the Criminal Division are prosecuting the case.

The remaining defendants named in the indictment are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

MIL-OSI Security: Anchorage man charged with firearm crime connected to September encounter with Anchorage Police

Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

ANCHORAGE, Alaska – A federal grand jury in Alaska returned an indictment charging an Anchorage man with being a felon in possession of a firearm during an encounter with the police.

According to court documents and a press release from the Anchorage Police Department (APD), on Sept. 23, 2024, Jalen Baker, 23, possessed a firearm during an encounter with police.

The release alleges APD officers responded to a shooting in Anchorage where two victims were shot. Officers located the shooting suspect in a nearby trailer home park. The suspect fired at responding officers, striking one in the lower body, and barricaded himself inside a trailer home.

The investigation identified the suspect as Baker and he was taken into custody at the scene. At the time of the event, Baker had a prior felony conviction for assault in the State of Alaska in 2022.

Baker is charged with one count of being a felon in possession of a firearm and one count of possession of a firearm at a school zone. The defendant will make his initial court appearance on a later date before a U.S. Magistrate Judge from the U.S. District Court for the District of Alaska. If convicted, he faces a maximum penalty of 20 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

U.S. Attorney S. Lane Tucker for the District of Alaska, Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) Seattle Field Division Special Agent in Charge Jonathan Blais and Anchorage Police Chief Sean Case made the announcement.

The Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) and Anchorage Police Department, with assistance from the Alaska State Troopers, are investigating the case.

Assistant U.S. Attorney Cody Tirpak is prosecuting the case.

An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL-OSI Security: Springfield, Vermont Man Pleads Guilty to Gun Charge

Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

Burlington, Vermont – The United States Attorney’s Office for the District of Vermont stated that Ernest Lamphere, 44, of Springfield, Vermont, pleaded guilty today to a gun possession charge before U.S. District Court Judge William K. Sessions III.

According to court records including the stipulated facts in the plea agreement between the parties, in late February 2024, Lamphere was subject to a State of Vermont relief from abuse order, which was sought by his family members and prohibited his possession of firearms. When law enforcement served the relief from abuse order on Lamphere on February 27 at his home, he turned over four firearms and also admitted opiate use. Two days later Lamphere was located alone in his vehicle, blocking the drive-thru lane at the McDonald’s in Springfield, Vermont and nodding off from illegal drug use. Lamphere had opiates in his system at the time. Along with significant quantities of illegal drugs located in his vehicle and on his person, Lamphere was also in possession of two AR-style rifles, a silencer, and assorted ammunition.

Lamphere pleaded guilty today to being a drug user in possession of a firearm, a charge which carries a maximum sentence of 15 years. The actual sentence will be determined by the District Court with reference to the Federal Sentencing Guidelines and statutory sentencing factors of the United States Code. If accepted by the court, the plea agreement signed by Lamphere and the government recommends (1) that sentencing be delayed for one year, and (2) that Lamphere receive a time-served sentence, to be followed by three years of supervised release, if he abides by the terms of the plea agreement during the intervening year.

The U.S. Attorney’s Office thanked the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) and the Springfield, VT Police Department for their work on this case.

U.S. Attorney Nikolas Kerest has handled the case for the government. Assistant Federal Public Defender Steven Barth represents Ernest Lamphere.

This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.

MIL-OSI: Mississauga, Region of Peel, Enwave and Lakeview Village break ground on ambitious district energy project, setting the stage for one of the most sustainable new waterfront communities in Canada

Source: GlobeNewswire (MIL-OSI)

MISSISSAUGA, Ontario, Oct. 21, 2024 (GLOBE NEWSWIRE) — Today, the City of Mississauga, Lakeview Community Partners Limited (LCPL), Enwave Lakeview Corporation and the Region of Peel celebrated the groundbreaking of a new district energy system at Lakeview Village. Once fully operational, the Lakeview Village district energy system is positioned to be the first of its kind in Ontario and the largest in Canada.

Unlike traditional heating and cooling systems, which are large contributors to greenhouse gas (GHG) emissions, district energy systems use a network of pipes to heat and cool an entire community from a centralized location. These systems allow for a combination of generation assets that work seamlessly together to improve efficiency, consume less energy, and reduce GHG emissions. They are also more reliable and resilient than traditional systems.

To bring this new system to life, the City of Mississauga and Enwave have signed agreements allowing Enwave to build the necessary pipes and infrastructure on city land and construct a new building to operate the system. These agreements mark a major milestone in the Lakeview Village project and follow several years of collaboration.

Left-right: Stephen Dasko (Ward 1 Councillor), Charles Sousa (MP Mississauga-Lakeshore), Brian Sutherland (Lakeview Community Partners), Gord Buck (Founder of ARGO), Carolyn Parrish (Mississauga Mayor), Carlyle Coutinho (CEO, Enwave Energy Corporation), Ehren Cory (CEO, Canada Infrastructure Bank), Alvin Tedjo (Ward 2 Councillor), Rudy Cuzzetto (MPP Mississauga-Lakeshore), and Silvio De Gasperis (Founder, President and CEO of TACC Group).

Giving treated wastewater a second life

The Region of Peel and Enwave are working to further decrease GHG emissions from the district energy system through a proposed plan to leverage treated wastewater, or effluent, from the nearby G.E. Booth Water Resource Recovery Facility as the main source of low carbon energy for the system. Using effluent to heat and cool Lakeview Village draws on an innovative energy source that would otherwise remain untapped.

Once this transition happens, Lakeview Village’s residential units, offices and commercial spaces are expected to emit significantly fewer GHGs.

The district energy system at Lakeview Village, alongside plans to leverage effluent, is instrumental in bringing the City of Mississauga’s Climate Change Action Plan and the Region of Peel’s Climate Change Master Plan to life.

Building a new centre for operations and education

The City of Mississauga and LCPL are also moving forward on the Site Development Plan and Building Permit applications to construct a new building that will house:

The district energy operations centre, which will be operated by Enwave.
A sewage pumping station, which will be operated by the Region of Peel.
An educational space to provide learning opportunities for Mississauga residents, visitors and the business community.

Work is already underway, with the first crane installed onsite to support servicing and construction works for the new centre.

Sustainable waterfront community

Lakeview Village is a 177-acre site on Mississauga’s waterfront that was formerly the Lakeview Power Generating Station. Designed to be a mixed-use community, this sustainable and interconnected neighbourhood will feature 16,000 new homes, parks, trails, transit, recreational opportunities, event spaces, and commercial areas for work and shopping.

Earlier this month, construction kicked off on the community’s first residential building with occupancy expected in early 2029.

For more information about planning the Lakeview Village development, visit the City of Mississauga’s Lakeview Village webpage. To learn more about the community, visit mylakeviewvillage.com.

Quotes:

“Today’s announcement highlights our dedication to building mixed-use communities that are sustainable, and include a variety of housing options, jobs, parks and community spaces. Lakeview Village’s focus on innovative, low carbon solutions make it more than just a development project – it sets a new standard for sustainability. I’m proud to work with our partners on this transformative project that will shape the future of Mississauga for years to come.” Mayor Carolyn Parrish

“This groundbreaking marks an exciting chapter in the evolution of Lakeview Village. Our vision has always been to make this community the most sustainable, innovative new development in the country, and this is a major step. The Enwave system within Lakeview Village is a leading example of how the joint priorities of sustainability and housing development can co-exist, supporting a better future for Ontario.” – Brian Sutherland, President, Lakeview Community Partners Limited

“The groundbreaking of the district energy system at Lakeview Village is an exciting step toward the future of sustainable communities in Canada and beyond. This development is a complex undertaking, which will be the largest of its kind in North America with the integration of effluent, and would not be possible without the determination and collaboration demonstrated by all partners. Together, we are implementing big ideas and critical thinking to achieve the ambitious goals set for this project, and Enwave is proud to make this district energy system a reality.” Carlyle Coutinho, CEO of Enwave Energy Corporation

“Today’s announcement signals Peel Region’s commitment to working with the City of Mississauga, Lakeview Community Partners Limited (LCPL), and Enwave Lakeview Corporation to leverage treated wastewater from the G.E. Booth Water Resource Recovery Facility as an innovative fuel source for the district energy system at Lakeview Village. Peel Region is a strong advocate for sustainability and committed to researching and implementing state-of-the-art treatment processes and technology at our facilities. We are always working to be a collaborative community partner, and providing this future fuel source for our neighbours at Lakeview Village demonstrates our environmental leadership.” – Chair Nando Iannicca, Peel Region

High-res images of the DE piping system and rendering of the centre can be found HERE.

Media Contacts:

City of Mississauga Media Relations
media@mississauga.ca
905-615-3200, ext. 5232
TTY: 905-896-5151

Amie Miles, Manager, Strategic Client Communications
Amie.miles@peelregion.ca
416-209-4317

Enwave Energy Corporation
Katie Good
GoodPR
416-540-2195
katie@goodpr.ca

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dc240327-bd37-414e-9670-213ee03188b2

MIL-OSI: Trustco Reports Third Quarter 2024 Net Income of $12.9 Million; Skillful Application of Strong Fundamentals Produce Solid Results

Source: GlobeNewswire (MIL-OSI)

Executive Snapshot:

Average Loan portfolio continues to grow:
- On average, total loans were up $127.0 million or 2.6% for the third quarter 2024 compared to the third quarter 2023

Continued solid financial results:
- Key metrics for third quarter 2024:
  - Net income of $12.9 million versus $12.6 million for the second quarter 2024
  - Net interest income of $38.7 million, up from $37.8 million compared to the second quarter of 2024
  - Return on average equity (ROAE) of 7.74% versus 7.76% for the second quarter 2024
Capital continues to grow:
- Consolidated equity to assets increased 6.2% to 10.95% as of September 30, 2024 from 10.31% as of September 30, 2023
- Book value per share as of September 30, 2024 was $35.19, up from $34.46 compared to June 30, 2024

GLENVILLE, N.Y., Oct. 21, 2024 (GLOBE NEWSWIRE) —

TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced third quarter 2024 net income of $12.9 million or $0.68 diluted earnings per share, compared to net income of $14.7 million or $0.77 diluted earnings per share for the third quarter 2023; and net income of $37.6 million or $1.97 diluted earnings per share for the nine months ended September 30, 2024, compared to net income of $48.9 million or $2.57 diluted earnings per share for the nine months ended September 30, 2023. Average loans increased $127.0 million or 2.6% for the third quarter 2024 over the same period in 2023. TrustCo was able to increase the balances of home equity lines of credit (HECLs) outstanding through an aggressive campaign to encourage existing customers to utilize their HECLs in place of the higher rates on other products. The objective was to meet customer needs and encourage increased utilization through existing HECLs.

Overview

Chairman, President, and CEO, Robert J. McCormick said “Hard, consistent work on the fundamentals of banking once again have served the Trustco Bank team well and enabled us to post strong results under challenging circumstances. Our bankers posted one modest success after another – which accumulated into solid performance. We continued to hold the line on demand accounts and capitalized on strong customer relationships which enabled us to direct the flow into competitively-priced CDs, rather than to non-bank investment products. Not having to purchase expensive deposits or pay excessive rates, helped keep interest expense down, contributing to increased net interest income. We have continued to sell home equity products at favorable rates where origination of purchase mortgages lagged due to lack of sales volume. We booked these new loans at higher interest rates, also boosting net interest margin. Once again, loans reached a new all-time high. All of these efforts by our team resulted in net income of $12.9 million for the quarter.”

Details

Average loans were up $127.0 million or 2.6% in the third quarter 2024 over the same period in 2023. Average residential loans and home equity lines of credit, our primary lending focus, were up $50.4 million, or 1.2%, and $60.0 million, or 18.7%, respectively, in the third quarter 2024 over the same period in 2023. Average commercial loans also increased $18.1 million, or 6.9%, in the third quarter 2024 over the same period in 2023. Average deposits were up $15.3 million, or 0.3% for the third quarter 2024 over the same period in 2023. We believe the increase in time deposits compared to the prior year continues to reflect the desire of customers to have additional funds in the safety and security offered by TrustCo’s long history of conservative banking, while earning a competitive interest rate. As we move forward, the objective is to encourage customers to retain these additional funds in the expanded product offerings of Trustco Bank (the “Bank”) through aggressive marketing and product differentiation.

Net interest income was $38.7 million for the third quarter 2024, an increase of $883 thousand, or 2.3%, compared to the prior quarter, driven by loan growth at higher interest rates and lower cost of deposits, partially offset by lower investment earnings and a decrease in interest on federal funds sold and other short-term investments. The net interest margin for the third quarter 2024 was 2.61%, up 8 basis points from 2.53% in the second quarter of 2024. The yield on interest earnings assets increased to 4.11%, up 5 basis points from 4.06% in the second quarter of 2024. The cost of interest bearing liabilities decreased to 1.94% in the third quarter 2024 from 1.97% in the second quarter 2024. The Bank has seen success in retaining deposits while lowering the rates on time deposits, and still being competitive in the markets it serves. The Federal Reserve’s decision regarding whether to cut or hold rates in upcoming meetings will have an effect on the Bank’s ability to continue to manage deposit costs. Further reductions should help margin expansion in future quarters. Non-interest expense decreased $259 thousand over the prior quarter as a result of the Bank’s ongoing efforts to control expenses.

Asset quality remains strong and has been consistent over the past twelve months. The Company recorded a provision for credit losses of $500 thousand in the third quarter of 2024, which is the result of a provision for credit losses on loans of $400 thousand, and provision for credit losses on unfunded commitments of $100 thousand. The ratio of allowance for credit losses on loans to total loans was 0.99% and 0.95% as of September 30, 2024 and 2023, respectively. The allowance for credit losses on loans was $50.0 million at September 30, 2024, compared to $47.2 million at September 30, 2023. Nonperforming loans (NPLs) were $19.4 million at September 30, 2024, compared to $17.9 million at September 30, 2023. NPLs were 0.38% and 0.36% of total loans at September 30, 2024 and 2023, respectively. The coverage ratio, or allowance for credit losses on loans to NPLs, was 256.9% at September 30, 2024, compared to 264.2% at September 30, 2023. Nonperforming assets (NPAs) were $21.9 million at September 30, 2024, compared to $19.1 million at September 30, 2023.

At September 30, 2024, our equity to asset ratio was 10.95%, compared to 10.31% at September 30, 2023. Book value per share at September 30, 2024 was $35.19, up 7.3% compared to $32.80 a year earlier.

A conference call to discuss third quarter 2024 results will be held at 9:00 a.m. Eastern Time on October 22, 2024. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 034120. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 285814. The call will also be audio webcast at https://events.q4inc.com/attendee/854762065, and will be available for one year.

About TrustCo Bank Corp NY

TrustCo Bank Corp NY is a $6.1 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 138 offices in New York, New Jersey, Vermont, Massachusetts, and Florida at September 30, 2024.

In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

Forward-Looking Statements

All statements in this news release that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our future performance, including our expectations regarding the effects of the economic environment on our financial results, our ability to retain customers and the amount of customers’ business, including deposit balances, with us, the impact of the Federal Reserve’s actions regarding interest rates, and the growth of loans and deposits throughout our branch network. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements, and many of the risks and uncertainties are heightened by or may, in the future, be heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to inflation, continued elevated interest rates and ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas). TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement: future changes in interest rates; ongoing inflationary pressures and continued elevated prices; exposure to credit risk in our lending activities; our increasing commercial loan portfolio; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the impact of any expansion by us into new lines of business or new products and services; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations, including changes in cybersecurity or privacy regulations; restrictions on data collection and use; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in material fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on third-party service providers; the impact of data breaches and cyber-attacks; the impact of a failure in or breach of our operational or security systems or infrastructure, or those of third parties; the impact of an unauthorized disclosure of sensitive or confidential client or customer information; the impact of interruptions in the effective operation of our computer systems; the impact of anti-takeover provisions in our organizational documents; the impact of the manner in which we allocate capital; and other risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q or other securities filings. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.


TRUSTCO BANK CORP NY
GLENVILLE, NY

FINANCIAL HIGHLIGHTS

(dollars in thousands, except per share data)
(Unaudited)
		Three months ended
		9/30/2024				6/30/2024				9/30/2023
Summary of operations
Net interest income		$	38,671			$	37,788			$	42,221
Provision for credit losses			500				500				100
Net gains on equity securities			23				1,360				–
Noninterest income, excluding net gains on equity securities			4,908				4,291				4,574
Noninterest expense			26,200				26,459				27,460
Net income			12,875				12,551				14,680

Per share
Net income per share:
– Basic		$	0.68			$	0.66			$	0.77
– Diluted			0.68				0.66				0.77
Cash dividends			0.36				0.36				0.36
Book value at period end			35.19				34.46				32.80
Market price at period end			33.07				28.77				27.29

At period end
Full time equivalent employees			735				753				764
Full service banking offices			138				138				143

Performance ratios
Return on average assets			0.84		%		0.82		%		0.96		%
Return on average equity			7.74				7.76				9.32
Efficiency ratio (1)			59.65				62.84				58.33
Net interest spread			2.17				2.09				2.55
Net interest margin			2.61				2.53				2.85
Dividend payout ratio			53.16				54.57				46.65

Capital ratios at period end
Consolidated equity to assets			10.95		%		10.73		%		10.31		%
Consolidated tangible equity to tangible assets (2)			10.94		%		10.72		%		10.30		%

Asset quality analysis at period end
Nonperforming loans to total loans			0.38		%		0.38		%		0.36		%
Nonperforming assets to total assets			0.36				0.35				0.31
Allowance for credit losses on loans to total loans			0.99				0.99				0.95
Coverage ratio (3)		2.6x				2.6x				2.6x


(1) Non-GAAP measure; calculated as noninterest expense (excluding ORE expense) divided by taxable equivalent net interest income plus noninterest income (excluding net gains on equity securities). See Non-GAAP Financial Measures Reconciliation.
(2) Non-GAAP measure; calculated as total shareholders’ equity less $553 of intangible assets divided by total assets less $553 of intangible assets. See Non-GAAP Financial Measures Reconciliation.
(3) Calculated as allowance for credit losses on loans divided by total nonperforming loans.


FINANCIAL HIGHLIGHTS, Continued

(dollars in thousands, except per share data)
(Unaudited)
		Nine Months Ended
		09/30/24				09/30/23
Summary of operations
Net interest income	$		113,037				133,238
Provision (Credit) for credit losses			1,600				(100	)
Net gains on equity securities			1,383				–
Noninterest income, excluding net gains on equity securities			14,042				13,841
Noninterest expense			77,562				82,466
Net income			37,552				48,798

Per share
Net income per share:
– Basic	$		1.97				2.57
– Diluted			1.97				2.57
Cash dividends			1.08				1.08
Book value at period end			35.19				32.80
Market price at period end			33.07				27.29

Performance ratios
Return on average assets			0.82		%		1.08
Return on average equity			7.68				10.57
Efficiency ratio (1)			60.80				55.70
Net interest spread			2.08				2.78
Net interest margin			2.52				3.01
Dividend payout ratio			54.70				42.11

(1) Non-GAAP measure; calculated as noninterest expense (excluding ORE expense) divided by taxable equivalent net interest income plus noninterest income (excluding net gains on equity securities). See Non-GAAP Financial Measures Reconciliation.


CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share data)
(Unaudited)
		Three months ended
		9/30/2024				6/30/2024				3/31/2024				12/31/2023			9/30/2023
Interest and dividend income:
Interest and fees on loans		$	52,112			$	50,660			$	49,804			$	49,201		$	47,921
Interest and dividends on securities available for sale:
U. S. government sponsored enterprises			718				909				906				750			672
State and political subdivisions			–				1				–				1			–
Mortgage-backed securities and collateralized mortgage
obligations – residential			1,397				1,451				1,494				1,533			1,485
Corporate bonds			361				362				476				477			473
Small Business Administration – guaranteed
participation securities			90				94				100				102			107
Other securities			2				2				3				3			2
Total interest and dividends on securities available for sale			2,568				2,819				2,979				2,866			2,739

Interest on held to maturity securities:
Mortgage-backed securities and collateralized mortgage
obligations – residential			62				65				68				70			73
Total interest on held to maturity securities			62				65				68				70			73

Federal Home Loan Bank stock			153				147				152				149			131

Interest on federal funds sold and other short-term investments			6,174				6,894				6,750				6,354			6,688
Total interest income			61,069				60,585				59,753				58,640			57,552

Interest expense:
Interest on deposits:
Interest-bearing checking			311				288				240				165			102
Savings			770				675				712				707			639
Money market deposit accounts			2,154				2,228				2,342				2,500			2,384
Time deposits			18,969				19,400				19,677				16,460			11,962
Interest on short-term borrowings			194				206				204				201			244
Total interest expense			22,398				22,797				23,175				20,033			15,331

Net interest income			38,671				37,788				36,578				38,607			42,221

Less: Provision for credit losses			500				500				600				1,350			100
Net interest income after provision for credit losses			38,171				37,288				35,978				37,257			42,121

Noninterest income:
Trustco Financial Services income			2,044				1,609				1,816				1,612			1,627
Fees for services to customers			2,482				2,399				2,745				2,563			2,590
Net gains on equity securities			23				1,360				–				–			–
Other			382				283				282				299			357
Total noninterest income			4,931				5,651				4,843				4,474			4,574

Noninterest expenses:
Salaries and employee benefits			12,134				12,520				11,427				12,444			12,393
Net occupancy expense			4,271				4,375				4,611				4,209			4,358
Equipment expense			1,757				1,990				1,738				1,852			1,923
Professional services			1,863				1,570				1,460				1,561			1,717
Outsourced services			2,551				2,755				2,501				2,532			2,720
Advertising expense			339				466				408				384			586
FDIC and other insurance			1,112				797				1,094				1,085			1,078
Other real estate expense (income), net			204				16				74				(12	)		163
Other			1,969				1,970				1,590				4,776			2,522
Total noninterest expenses			26,200				26,459				24,903				28,831			27,460

Income before taxes			16,902				16,480				15,918				12,900			19,235
Income taxes			4,027				3,929				3,792				3,052			4,555

Net income		$	12,875			$	12,551			$	12,126			$	9,848		$	14,680

Net income per common share:
– Basic		$	0.68			$	0.66			$	0.64			$	0.52		$	0.77

– Diluted			0.68				0.66				0.64				0.52			0.77

Average basic shares (in thousands)			19,010				19,022				19,024				19,024			19,024
Average diluted shares (in thousands)			19,036				19,033				19,032				19,026			19,024



CONSOLIDATED STATEMENTS OF INCOME, Continued

(dollars in thousands, except per share data)
(Unaudited)
		Nine Months Ended
		09/30/24				09/30/23
Interest and dividend income:
Interest and fees on loans	$		152,576				138,255
Interest and dividends on securities available for sale:
U. S. government sponsored enterprises			2,533				2,055
State and political subdivisions			1				1
Mortgage-backed securities and collateralized mortgage
obligations – residential			4,342				4,613
Corporate bonds			1,199				1,510
Small Business Administration – guaranteed
participation securities			284				335
Other securities			7				7
Total interest and dividends on securities available for sale			8,366				8,521

Interest on held to maturity securities:
Mortgage-backed securities-residential			195				226
Total interest on held to maturity securities			195				226

Federal Home Loan Bank stock			452				351

Interest on federal funds sold and other short-term investments			19,818				20,213
Total interest income			181,407				167,566

Interest expense:
Interest on deposits:
Interest-bearing checking			839				217
Savings			2,157				1,824
Money market deposit accounts			6,724				4,954
Time deposits			58,046				26,525
Interest on short-term borrowings			604				808
Total interest expense			68,370				34,328

Net interest income			113,037				133,238

Less: Provision (Credit) for credit losses			1,600				(100	)
Net interest income after provision (credit) for credit losses			111,437				133,338

Noninterest income:
Trustco Financial Services income			5,469				4,813
Fees for services to customers			7,626				8,085
Net gains on equity securities			1,383				–
Other			947				943
Total noninterest income			15,425				13,841

Noninterest expenses:
Salaries and employee benefits			36,081				38,798
Net occupancy expense			13,257				13,218
Equipment expense			5,485				5,758
Professional services			4,893				4,684
Outsourced services			7,807				7,507
Advertising expense			1,213				1,494
FDIC and other insurance			3,003				3,215
Other real estate expense, net			294				536
Other			5,529				7,256
Total noninterest expenses			77,562				82,466

Income before taxes			49,300				64,713
Income taxes			11,748				15,915

Net income	$		37,552				48,798

Net income per common share:
– Basic	$		1.97				2.57

– Diluted			1.97				2.57

Average basic shares (in thousands)			19,019				19,024
Average diluted shares (in thousands)			19,034				19,024




CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(dollars in thousands)
(Unaudited)
		9/30/2024				6/30/2024				3/31/2024				12/31/2023			9/30/2023
ASSETS:

Cash and due from banks		$	49,659			$	42,193			$	44,868			$	49,274		$	45,940
Federal funds sold and other short term investments			473,306				493,920				564,815				528,730			461,321
Total cash and cash equivalents			522,965				536,113				609,683				578,004			507,261

Securities available for sale:
U. S. government sponsored enterprises			90,588				106,796				128,854				118,668			121,474
States and political subdivisions			26				26				26				26			34
Mortgage-backed securities and collateralized mortgage
obligations – residential			222,841				218,311				227,078				237,677			233,719
Small Business Administration – guaranteed
participation securities			15,171				15,592				16,260				17,186			17,316
Corporate bonds			54,327				53,764				53,341				78,052			76,935
Other securities			701				688				682				680			657
Total securities available for sale			383,654				395,177				426,241				452,289			450,135

Held to maturity securities:
Mortgage-backed securities and collateralized mortgage
obligations-residential			5,636				5,921				6,206				6,458			6,724
Total held to maturity securities			5,636				5,921				6,206				6,458			6,724

Federal Reserve Bank and Federal Home Loan Bank stock			6,507				6,507				6,203				6,203			6,203

Loans:
Commercial			280,261				282,441				279,092				273,515			268,642
Residential mortgage loans			4,382,674				4,370,640				4,354,369				4,365,063			4,343,006
Home equity line of credit			393,418				370,063				355,879				347,415			332,028
Installment loans			14,503				15,168				16,166				16,886			16,605
Loans, net of deferred net costs			5,070,856				5,038,312				5,005,506				5,002,879			4,960,281

Less: Allowance for credit losses on loans			49,950				49,772				49,220				48,578			47,226
Net loans			5,020,906				4,988,540				4,956,286				4,954,301			4,913,055

Bank premises and equipment, net			33,324				33,466				33,423				34,007			32,135
Operating lease right-of-use assets			37,958				38,376				39,647				40,542			41,475
Other assets			98,730				102,544				101,881				96,387			97,310

Total assets		$	6,109,680			$	6,106,644			$	6,179,570			$	6,168,191		$	6,054,298

LIABILITIES:
Deposits:
Demand		$	753,878			$	745,227			$	742,997			$	754,532		$	773,293
Interest-bearing checking			988,527				1,029,606				1,020,136				1,015,213			1,033,898
Savings accounts			1,092,038				1,144,427				1,155,517				1,179,241			1,235,658
Money market deposit accounts			477,113				517,445				532,611				565,767			610,012
Time deposits			1,952,635				1,840,262				1,903,908				1,836,024			1,581,504
Total deposits			5,264,191				5,276,967				5,355,169				5,350,777			5,234,365

Short-term borrowings			91,450				89,720				94,374				88,990			103,110
Operating lease liabilities			41,469				42,026				43,438				44,471			45,418
Accrued expenses and other liabilities			43,549				42,763				37,399				38,668			47,479

Total liabilities			5,440,659				5,451,476				5,530,380				5,522,906			5,430,372

SHAREHOLDERS’ EQUITY:
Capital stock			20,058				20,058				20,058				20,058			20,058
Surplus			257,644				257,490				257,335				257,181			257,078
Undivided profits			442,079				436,048				430,346				425,069			422,082
Accumulated other comprehensive loss, net of tax			(6,600	)			(14,268	)			(14,763	)			(13,237	)		(31,506	)
Treasury stock at cost			(44,160	)			(44,160	)			(43,786	)			(43,786	)		(43,786	)

Total shareholders’ equity			669,021				655,168				649,190				645,285			623,926

Total liabilities and shareholders’ equity		$	6,109,680			$	6,106,644			$	6,179,570			$	6,168,191		$	6,054,298

Outstanding shares (in thousands)			19,010				19,010				19,024				19,024			19,024


NONPERFORMING ASSETS

(dollars in thousands)
(Unaudited)
	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
Nonperforming Assets

New York and other states*
Loans in nonaccrual status:
Commercial	$	466		$	741		$	532		$	536		$	540
Real estate mortgage – 1 to 4 family		15,320			14,992			14,359			14,375			14,633
Installment		163			131			149			151			93
Total non-accrual loans		15,949			15,864			15,040			15,062			15,266
Other nonperforming real estate mortgages – 1 to 4 family		–			–			–			3			5
Total nonperforming loans		15,949			15,864			15,040			15,065			15,271
Other real estate owned		2,503			2,334			2,334			194			1,185
Total nonperforming assets	$	18,452		$	18,198		$	17,374		$	15,259		$	16,456

Florida
Loans in nonaccrual status:
Commercial	$	314		$	314		$	314		$	314		$	314
Real estate mortgage – 1 to 4 family		3,176			2,985			2,921			2,272			2,228
Installment		5			22			–			15			65
Total non-accrual loans		3,495			3,321			3,235			2,601			2,607
Other nonperforming real estate mortgages – 1 to 4 family		–			–			–			–			–
Total nonperforming loans		3,495			3,321			3,235			2,601			2,607
Other real estate owned		–			–			–			–			–
Total nonperforming assets	$	3,495		$	3,321		$	3,235		$	2,601		$	2,607

Total
Loans in nonaccrual status:
Commercial	$	780		$	1,055		$	846		$	850		$	854
Real estate mortgage – 1 to 4 family		18,496			17,977			17,280			16,647			16,861
Installment		168			153			149			166			158
Total non-accrual loans		19,444			19,185			18,275			17,663			17,873
Other nonperforming real estate mortgages – 1 to 4 family		–			–			–			3			5
Total nonperforming loans		19,444			19,185			18,275			17,666			17,878
Other real estate owned		2,503			2,334			2,334			194			1,185
Total nonperforming assets	$	21,947		$	21,519		$	20,609		$	17,860		$	19,063


Quarterly Net (Recoveries) Chargeoffs

New York and other states*
Commercial	$	65		$	–		$	–		$	–		$	–
Real estate mortgage – 1 to 4 family		104			(74	)		(78	)		219			(26	)
Installment		11			(2	)		36			23			14
Total net (recoveries) chargeoffs	$	180		$	(76	)	$	(42	)	$	242		$	(12	)

Florida
Commercial	$	–		$	–		$	–		$	–		$	–
Real estate mortgage – 1 to 4 family		–			17			–			–			–
Installment		42			7			–			6			–
Total net (recoveries) chargeoffs	$	42		$	24		$	–		$	6		$	–

Total
Commercial	$	65		$	–		$	–		$	–		$	–
Real estate mortgage – 1 to 4 family		104			(57	)		(78	)		219			(26	)
Installment		53			5			36			29			14
Total net (recoveries) chargeoffs	$	222		$	(52	)	$	(42	)	$	248		$	(12	)


Asset Quality Ratios

Total nonperforming loans (1)	$	19,444		$	19,185		$	18,275		$	17,666		$	17,878
Total nonperforming assets (1)		21,947			21,519			20,609			17,860			19,063
Total net (recoveries) chargeoffs (2)		222			(52	)		(42	)		248			(12	)

Allowance for credit losses on loans (1)		49,950			49,772			49,220			48,578			47,226

Nonperforming loans to total loans		0.38	%		0.38	%		0.37	%		0.35	%		0.36	%
Nonperforming assets to total assets		0.36	%		0.35	%		0.33	%		0.29	%		0.31	%
Allowance for credit losses on loans to total loans		0.99	%		0.99	%		0.98	%		0.97	%		0.95	%
Coverage ratio (1)		256.9	%		259.4	%		269.3	%		275.0	%		264.2	%
Annualized net (recoveries) chargeoffs to average loans (2)		0.02	%		0.00	%		0.00	%		0.02	%		0.00	%
Allowance for credit losses on loans to annualized net chargeoffs (2)	56.3x			N/A			N/A			49.0x			N/A

* Includes New York, New Jersey, Vermont and Massachusetts.
(1) At period-end
(2) For the three-month period ended


DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
INTEREST RATES AND INTEREST DIFFERENTIAL

(dollars in thousands)
(Unaudited)		Three months ended								Three months ended
		September 30, 2024								September 30, 2023
		Average			Interest		Average			Average			Interest		Average
		Balance					Rate			Balance					Rate
Assets

Securities available for sale:
U. S. government sponsored enterprises		$	95,073		$	718	3.02	%		$	119,406		$	672	2.25	%
Mortgage backed securities and collateralized mortgage
obligations – residential			241,792			1,397	2.29				269,535			1,485	2.19
State and political subdivisions			26			–	6.75				34			–	6.74
Corporate bonds			55,041			361	2.63				80,331			473	2.36
Small Business Administration – guaranteed
participation securities			16,663			90	2.15				19,801			107	2.15
Other			701			2	1.14				686			2	1.17

Total securities available for sale			409,296			2,568	2.51				489,793			2,739	2.24

Federal funds sold and other short-term Investments			465,922			6,174	5.27				494,597			6,688	5.37

Held to maturity securities:
Mortgage backed securities and collateralized mortgage
obligations – residential			5,779			62	4.29				6,877			73	4.22

Total held to maturity securities			5,779			62	4.29				6,877			73	4.22

Federal Home Loan Bank stock			6,507			153	9.41				6,203			131	8.45

Commercial loans			279,199			3,807	5.45				261,061			3,398	5.21
Residential mortgage loans			4,375,641			41,811	3.82				4,325,219			39,321	3.64
Home equity lines of credit			380,422			6,245	6.53				320,446			4,946	6.12
Installment loans			14,443			249	6.87				15,959			256	6.37

Loans, net of unearned income			5,049,705			52,112	4.12				4,922,685			47,921	3.89

Total interest earning assets			5,937,209		$	61,069	4.11				5,920,155		$	57,552	3.88

Allowance for credit losses on loans			(49,973	)							(47,077	)
Cash & non-interest earning assets			187,166								172,523


Total assets		$	6,074,402							$	6,045,601


Liabilities and shareholders’ equity

Deposits:
Interest bearing checking accounts		$	1,000,333		$	311	0.12	%		$	1,050,313		$	102	0.04	%
Money market accounts			499,408			2,154	1.72				625,031			2,384	1.51
Savings			1,122,673			770	0.27				1,282,641			639	0.20
Time deposits			1,880,021			18,969	4.01				1,494,402			11,962	3.18

Total interest bearing deposits			4,502,435			22,204	1.96				4,452,387			15,087	1.34
Short-term borrowings			87,677			194	0.88				110,018			244	0.88

Total interest bearing liabilities			4,590,112		$	22,398	1.94				4,562,405		$	15,331	1.33

Demand deposits			742,164								776,885
Other liabilities			80,502								81,411
Shareholders’ equity			661,624								624,900

Total liabilities and shareholders’ equity		$	6,074,402							$	6,045,601

Net interest income, GAAP and non-GAAP tax equivalent (1)					$	38,671							$	42,221

Net interest spread, GAAP and non-GAAP tax equivalent (1)							2.17	%							2.55	%


Net interest margin (net interest income to
total interest earning assets), GAAP and non-GAAP tax equivalent (1)							2.61	%							2.85	%

Tax equivalent adjustment (1)						–								–


Net interest income					$	38,671							$	42,221

(1) Tax equivalent adjustment to a measure results in a non-GAAP financial measure. See Non-GAAP Financial Measures Reconciliation.



DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
INTEREST RATES AND INTEREST DIFFERENTIAL, Continued

(dollars in thousands)
(Unaudited)		Nine Months Ended								Nine Months Ended
		September 30, 2024								September 30, 2023
		Average			Interest		Average			Average			Interest		Average
		Balance					Rate			Balance					Rate
Assets

Securities available for sale:
U. S. government sponsored enterprises	$		111,570			2,533	3.03	%	$		120,243			2,055	2.28	%
Mortgage backed securities and collateralized mortgage
obligations – residential			250,343			4,342	2.31				278,252			4,613	2.21
State and political subdivisions			26			1	6.80				34			1	6.74
Corporate bonds			61,221			1,199	2.61				83,732			1,510	2.41
Small Business Administration – guaranteed
participation securities			17,438			284	2.17				20,876			335	2.14
Other			697			7	1.34				686			7	1.02

Total securities available for sale			441,295			8,366	2.53				503,823			8,521	1.69

Federal funds sold and other short-term Investments			489,934			19,818	5.40				540,570			20,213	5.00

Held to maturity securities:
Mortgage backed securities and collateralized mortgage
obligations – residential			6,053			195	4.29				7,205			226	4.18

Total held to maturity securities			6,053			195	4.29				7,205			226	4.18

Federal Home Loan Bank stock			6,350			452	9.49				5,957			351	5.89

Commercial loans			278,981			11,232	5.37				249,738			9,716	5.19
Residential mortgage loans			4,364,821			123,046	3.76				4,269,494			114,227	3.57
Home equity lines of credit			365,932			17,522	6.40				305,075			13,598	5.96
Installment loans			15,319			776	6.76				15,015			714	6.35

Loans, net of unearned income			5,025,053			152,576	4.05				4,839,322			138,255	3.81

Total interest earning assets			5,968,685			181,407	4.05				5,896,877			167,566	3.79

Allowance for credit losses on loans			(49,419	)							(46,812	)
Cash & non-interest earning assets			187,963								173,521


Total assets	$		6,107,229						$		6,023,586


Liabilities and shareholders’ equity

Deposits:
Interest bearing checking accounts	$		999,839			839	0.11	%	$		1,088,859			217	0.03	%
Money market accounts			522,636			6,724	1.72				613,119			4,954	1.08
Savings			1,142,313			2,157	0.25				1,363,052			1,824	0.18
Time deposits			1,881,027			58,046	4.12				1,343,762			26,525	2.64

Total interest bearing deposits			4,545,815			67,766	1.99				4,408,792			33,520	1.02
Short-term borrowings			91,551			604	0.88				121,911			808	0.89

Total interest bearing liabilities			4,637,366			68,370	1.97				4,530,703			34,328	1.01

Demand deposits			734,604								793,890
Other liabilities			82,233								81,771
Shareholders’ equity			653,026								617,224

Total liabilities and shareholders’ equity	$		6,107,229						$		6,023,588

Net interest income, GAAP and non-GAAP tax equivalent (1)						113,037								133,238

Net interest spread, GAAP and non-GAAP tax equivalent (1)							2.08	%							2.78	%


Net interest margin (net interest income to
total interest earning assets), GAAP and non-GAAP tax equivalent (1)							2.52	%							3.01	%

Tax equivalent adjustment (1)						–								–


Net interest income						113,037								133,238

(1) Tax equivalent adjustment to a measure results in a non-GAAP financial measure. See Non-GAAP Financial Measures Reconciliation.

Non-GAAP Financial Measures Reconciliation

Tangible book value per share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible book value by excluding the balance of intangible assets from total shareholders’ equity divided by shares outstanding. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity exclusive of changes in intangible assets.

Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.

Net interest income is commonly presented on a taxable equivalent basis. That is, to the extent that some component of the institution’s net interest income will be exempt from taxation (e.g., was received by the institution as a result of its holdings of state or municipal obligations), an amount equal to the tax benefit derived from that component is added back to the net interest income total. Management considers this adjustment helpful to investors in comparing one financial institution’s net interest income (pre- tax) to that of another institution, as each will have a different proportion of tax-exempt items in their portfolios. Moreover, net interest income is itself a component of another financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average interest earning assets. Additionally, management and many financial institutions also present net interest spread, which is the average yield on interest earning assets minus the average rate paid on interest bearing liabilities. For purposes of these measures as well, taxable equivalent net interest income is generally used by financial institutions, again to provide investors with a better basis of comparison from institution to institution. We calculate taxable equivalent net interest margin by dividing net interest income, adjusted to include the benefit of non-taxable interest income, by average interest earning assets. We calculate taxable equivalent net interest spread as the difference between average yield on interest earning assets, adjusted to include the benefit of non-taxable interest income, and the average rate paid on interest bearing liabilities.

The efficiency ratio is a non-GAAP measure of expense control relative to revenue from net interest income and non-interest fee income. We calculate the efficiency ratio by dividing total noninterest expenses as determined under GAAP, excluding other real estate expense, net, by net interest income (fully taxable equivalent) and total noninterest income as determined under GAAP, excluding net gains on equity securities. We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue. Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent.

We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible equity as a percentage of tangible assets, and efficiency ratio to the most directly comparable GAAP measures is set forth below. We have not presented a reconciliation of taxable equivalent net interest income, taxable equivalent net interest margin or taxable equivalent net interest spread to the most directly comparable GAAP measure, as there was no difference between the taxable equivalent measure and comparable GAAP measure for any period presented in this release.


NON-GAAP FINANCIAL MEASURES RECONCILIATION

(dollars in thousands)
(Unaudited)
	9/30/2024			6/30/2024			9/30/2023
Tangible Book Value Per Share

Equity (GAAP)	$	669,021		$	655,168		$	623,926
Less: Intangible assets		553			553			553
Tangible equity (Non-GAAP)	$	668,468		$	654,615		$	623,373

Shares outstanding		19,010			19,010			19,024
Tangible book value per share		35.16			34.44			32.77
Book value per share		35.19			34.46			32.80

Tangible Equity to Tangible Assets
Total Assets (GAAP)	$	6,109,680		$	6,106,644		$	6,054,298
Less: Intangible assets		553			553			553
Tangible assets (Non-GAAP)	$	6,109,127		$	6,106,091		$	6,053,745

Tangible Equity to Tangible Assets (Non-GAAP)		10.94	%		10.72	%		10.30	%
Equity to Assets (GAAP)		10.95	%		10.73	%		10.31	%

	Three months ended									Nine Months Ended
Efficiency Ratio	9/30/2024			6/30/2024			9/30/2023			9/30/2024			9/30/2023

Net interest income (GAAP)	$	38,671		$	37,788		$	42,221		$	113,037		$	133,238
Taxable equivalent adjustment		–			–			–			–			–
Net interest income (fully taxable equivalent) (Non-GAAP)		38,671			37,788			42,221			113,037			133,238
Non-interest income (GAAP)		4,931			5,651			4,574			15,425			13,841
Less: Net gains on equity securities		23			1,360			–			1,383			–
Revenue used for efficiency ratio (Non-GAAP)	$	43,579		$	42,079		$	46,795		$	127,079		$	147,079

Total noninterest expense (GAAP)	$	26,200		$	26,459		$	27,460		$	77,562		$	82,466
Less: Other real estate expense, net		204			16			163			294			536
Expense used for efficiency ratio (Non-GAAP)	$	25,996		$	26,443		$	27,297		$	77,268		$	81,930

Efficiency Ratio		59.65	%		62.84	%		58.33	%		60.80	%		55.70	%


Subsidiary:	Trustco Bank

Contact:	Robert Leonard Executive Vice President (518) 381-3693

MIL-OSI: Tactile Medical to Release Third Quarter of Fiscal Year 2024 Financial Results on November 4, 2024

Source: GlobeNewswire (MIL-OSI)

MINNEAPOLIS, Oct. 21, 2024 (GLOBE NEWSWIRE) — Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today announced that third quarter of fiscal year 2024 financial results will be released after the market closes on Monday, November 4, 2024.

Management will host a conference call with a question and answer session at 5:00 p.m. Eastern Time on November 4, 2024, to discuss the results of the quarter. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13748661. A live webcast of the call will also be provided on the investor relations section of the Company’s website at investors.tactilemedical.com.

For those unable to participate, a replay of the call will be available for two weeks at 877-660-6853 (201-612-7415 for international callers); access code 13748661. The webcast will be archived at investors.tactilemedical.com.

About Tactile Systems Technology, Inc. (DBA Tactile Medical)

Tactile Medical is a leader in developing and marketing at-home therapies for people suffering from underserved, chronic conditions including lymphedema, lipedema, chronic venous insufficiency and chronic pulmonary disease by helping them live better and care for themselves at home. Tactile Medical collaborates with clinicians to expand clinical evidence, raise awareness, increase access to care, reduce overall healthcare costs and improve the quality of life for tens of thousands of patients each year.

Investor Inquiries:
Sam Bentzinger
Gilmartin Group
investorrelations@tactilemedical.com

MIL-OSI: RBB Bancorp Reports Third Quarter 2024 Earnings and Declares Quarterly Cash Dividend of $0.16 Per Common Share

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, Oct. 21, 2024 (GLOBE NEWSWIRE) — RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the “Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as “the Company,” announced financial results for the quarter ended September 30, 2024.

Third Quarter 2024 Highlights

Net income totaled $7.0 million, or $ 0.39 diluted earnings per share
Return on average assets of 0.72%, compared to 0.76% for the quarter ended June 30, 2024
Net interest margin of 2.68% compared to 2.67% for the quarter ended June 30, 2024
Repurchased 508,275 shares of common stock for $11.0 million during the quarter ended September 30, 2024, and completed the authorized program
Book value and tangible book value per share(1) increased to $28.81 and $24.64 at September 30, 2024, up from $28.12 and $24.06 at June 30, 2024

The Company reported net income of $7.0 million, or $ 0.39 diluted earnings per share, for the quarter ended September 30, 2024, compared to net income of $7.2 million, or $ 0.39 diluted earnings per share, for the quarter ended June 30, 2024.

“Loans increased at a 6% annualized rate in the third quarter as our work to expand lending and deposit relationships began to deliver results,” said David Morris, Chief Executive Officer of RBB Bancorp. “Net interest margin increased slightly, and we are optimistic that it will continue to expand from here. We continue to work through our non-performing loans and believe we will be able to resolve the majority of them by mid-2025.”

“The team has done an excellent job building on the Bank’s reputation as one of the premier Asian-centric financial institutions,” said Christina Kao, Chair of the Board of Directors. “Returning the Bank to growth has been a priority for the Board of Directors as we believe it will enhance long-term shareholder value.”

(1) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.

Net Interest Income and Net Interest Margin

Net interest income was $24.5 million for the third quarter of 2024, compared to $24.0 million for the second quarter of 2024. The $580,000 increase was due to an increase in interest income of $1.5 million offset by an increase in interest expense of $959,000. The increase in interest income was due mostly to higher interest income on loans held for investment (“HFI”) of $2.0 million, partially offset by lower interest income on investment securities of $504,000. The increase in loan interest income was mostly due to higher average loans HFI of $54.4 million combined with a 9 basis point increase in the HFI loan yield. The decrease in investment income was attributed to lower average balances and a lower portfolio yield as proceeds from maturing short-term commercial paper were invested into loans and interest-earning cash. The increase in interest expense was due to higher average interest-bearing deposits of $42.3 million in the third quarter of 2024.

Net interest margin (“NIM”) was 2.68% for the third quarter of 2024, an increase of 1 basis point from 2.67% for the second quarter of 2024. The increase was due to a 5 basis point increase in the yield on average interest-earning assets, partially offset by a 3 basis point increase in the overall cost of funds. The yield on average interest-earning assets increased to 5.94% for the third quarter of 2024 from 5.89% for the second quarter of 2024 due mainly to a 9 basis point increase in the yield on average loans HFI to 6.13% for the third quarter of 2024. The increase in the loan yield was largely attributed to nonaccrual loan activity in the current and prior quarter, including both the recapture of interest income for fully paid off nonaccrual loans and reversals of interest income for loans migrating to nonaccrual status. Such activity increased the third quarter loan yield by 1 basis point and decreased the second quarter loan yield by 7 basis points. Average loans represented 84% of average interest-earning assets in the third quarter of 2024, unchanged from the second quarter of 2024.

The overall cost of funds increased to 3.57% in the third quarter of 2024 from 3.54% in the second quarter of 2024 due to a higher average cost of interest-bearing deposits in the third quarter of 2024 as compared to the second quarter of 2024. The overall funding mix remained relatively unchanged from the second quarter of 2024 as the ratio of average noninterest-bearing deposits to average total funding sources remained relatively unchanged at 16% for the third and second quarters of 2024. The all-in spot rate for total deposits was 3.53% at September 30, 2024.

Provision for Credit Losses

The Company recorded a provision for credit losses of $3.3 million for the third quarter of 2024 compared to $557,000 for the second quarter of 2024. The third quarter provision took into consideration factors including changes in the loan portfolio mix, higher specific reserves, the outlook for economic conditions and market interest rates, and credit quality metrics, including higher nonperforming, special mention and substandard loans at the end of the third quarter of 2024 as compared to the end of the second quarter of 2024.

Noninterest Income

Noninterest income for the third quarter of 2024 was $5.7 million, an increase of $2.3 million from $3.5 million for the second quarter of 2024. This increase was mostly due to a $2.8 million recovery of a fully charged off loan, which had been acquired in a bank acquisition (included in other income), partially offset by lower net gain on other real estate owned (“OREO”) of $292,000.

Noninterest Expense

Noninterest expense for the third quarter of 2024 was $17.4 million, an increase of $297,000 from $17.1 million for the second quarter of 2024. This increase was due to higher salaries and employee benefits expense of $475,000 due in part to higher loan production and higher other expenses of $304,000 due to higher loan related expense. These increases were partially offset by lower insurance and regulatory assessments of $323,000 and lower legal and professional expenses of $302,000, the latter being due to reimbursed legal costs from nonaccrual loan payoffs. The annualized noninterest expenses to average assets ratio was 1.78% for the third quarter of 2024, down from 1.79% for the second quarter of 2024. The efficiency ratio was 57.51% for the third quarter of 2024, down from 62.38% for the second quarter of 2024 due mostly to higher noninterest income.

Income Taxes

The effective tax rate was 26.9% for the third quarter of 2024 and 25.9% for the second quarter of 2024. The effective tax rate for 2024 is estimated to range between 26.0% and 28.0%.

Balance Sheet

At September 30, 2024, total assets were $4.0 billion, a $122.3 million increase compared to June 30, 2024, and a $78.9 million decrease compared to September 30, 2023.

Loan and Securities Portfolio

Loans HFI totaled $3.1 billion as of September 30, 2024, an increase of $44.2 million compared to June 30, 2024 and a $29.1 million decrease compared to September 30, 2023. The increase from June 30, 2024 was primarily due to a $62.5 million increase in commercial real estate (“CRE”) loans, a $5.6 million increase in single-family residential (“SFR”) mortgages and a $2.2 million increase in commercial and industrial (“C&I”) loans, partially offset by a $22.3 million decrease in construction and land development (“C&D”) loans and a $2.2 million decrease in Small Business Administration (“SBA”) loans. The loan to deposit ratio was 98.6% at September 30, 2024, compared to 99.4% at June 30, 2024 and 97.6% at September 30, 2023.

As of September 30, 2024, available-for-sale securities totaled $305.7 million, a decrease of $19.9 million from June 30, 2024. As of September 30, 2024, net unrealized losses totaled $23.2 million, a $6.9 million decrease due to decreases in market interest rates, when compared to net unrealized losses as of June 30, 2024.

Deposits

Total deposits were $3.1 billion as of September 30, 2024, a $68.6 million increase compared to June 30, 2024 and a $61.9 million decrease compared to September 30, 2023. The increase during the third quarter of 2024 was due to an increase in interest-bearing deposits, while noninterest-bearing deposits remained relatively stable at $543.6 million as of September 30, 2024 compared to $543.0 million as of June 30, 2024. The increase in interest-bearing deposits included an increase in time deposits of $49.6 million and an increase in non-maturity deposits of $18.3 million. The increase in time deposits included a $26.6 million increase in wholesale deposits (brokered deposits, collateralized State of California certificates of deposit and deposits acquired through internet listing services). Wholesale deposits totaled $147.3 million at September 30, 2024, and $120.7 million at June 30, 2024. Noninterest-bearing deposits represented 17.6% of total deposits at September 30, 2024 compared to 18.0% at June 30, 2024.

Credit Quality

Nonperforming assets totaled $60.7 million, or 1.52% of total assets, at September 30, 2024, compared to $54.6 million, or 1.41% of total assets, at June 30, 2024. The $6.1 million increase in nonperforming assets was mostly due to two loans that migrated to nonaccrual totaling $13.3 million and consisted of a C&D loan and a CRE loan, offset by $6.1 million in payoffs with no losses and $1.2 million in partial charge-offs of nonaccrual loans.

Special mention loans totaled $77.5 million, or 2.51% of total loans, at September 30, 2024, compared to $19.5 million, or 0.64% of total loans, at June 30, 2024. The $58.0 million increase was primarily due to one $43.6 million C&D loan for a completed hotel construction project, CRE loans totaling $25.2 million and C&I loans totaling $1.2 million. The increase was partially offset by one $11.7 million C&D loan, which migrated from special mention to substandard during the third quarter of 2024. All special mention loans, including the $11.7 million C&D loan which migrated to substandard rating, are all paying current.

Substandard loans totaled $79.8 million, or 2.58% of total loans, at September 30, 2024, compared to $63.1 million, or 2.07% of total loans, at June 30, 2024. The $16.8 million increase was primarily due to downgrades of two C&D loans totaling $21.7 million and one $3.3 million CRE loan, offset by loan payoffs of $6.7 million and charge-offs of $1.2 million. Of the substandard loans at September 30, 2024, there are $19.2 million which are paying current.

30-89 day delinquent loans, excluding nonperforming loans, decreased $645,000 to $10.6 million as of September 30, 2024, compared to $11.3 million as of June 30, 2024. The decrease in past due loans was mostly due to 12 loans totaling $4.7 million that returned to current status and other decreases totaling $784,000, partially offset by new delinquent loans totaling $4.9 million, of which $4.1 million were 30 days past due.

As of September 30, 2024, the allowance for credit losses totaled $44.5 million and was comprised of an allowance for loan losses of $43.7 million and a reserve for unfunded commitments of $779,000 (included in “Accrued interest and other liabilities”). This compares to the allowance for credit losses of $42.4 million comprised of an allowance for loan losses of $41.7 million and a reserve for unfunded commitments of $624,000 at June 30, 2024. The $2.1 million increase in the allowance for credit losses for the third quarter of 2024 was due to a $3.3 million provision for credit losses, including higher specific reserves of $2.5 million, offset by net charge-offs of $1.2 million. The increase in specific reserves and charge-offs in the third quarter of 2024 was primarily due to a decrease in the estimated fair value of collateral dependent loans, including estimated selling costs. Charge-offs in the third quarter of 2024 were related to one C&D loan and one CRE loan, which were written-down to their estimated fair value. The allowance for loan losses as a percentage of loans HFI was 1.41% at September 30, 2024, compared to 1.37% at June 30, 2024. The allowance for loan losses as a percentage of nonperforming loans was 72% at September 30, 2024, a decrease from 76% at June 30, 2024. The decrease in the allowance for loan losses as a percentage of nonperforming loans was due in part to an increase in individually evaluated loans, which required no allowance for loan losses.

	For the Three Months Ended September 30, 2024								For the Nine Months Ended September 30, 2024
*(dollars in thousands)*	Allowance for loan losses			Reserve for unfunded loan commitments		Allowance for credit losses			Allowance for loan losses			Reserve for unfunded loan commitments		Allowance for credit losses
Beginning balance	$	41,741		$	624	$	42,365		$	41,903		$	640	$	42,543
Provision for credit losses		3,145			155		3,300			3,718			139		3,857
Less loans charged-off		(1,210	)		—		(1,210	)		(1,991	)		—		(1,991	)
Recoveries on loans charged-off		9			—		9			55			—		55
Ending balance	$	43,685		$	779	$	44,464		$	43,685		$	779	$	44,464

Shareholders’ Equity

At September 30, 2024, total shareholders’ equity was $509.7 million, a $1.6 million decrease compared to June 30, 2024, and a $7.2 million increase compared to September 30, 2023. The decrease in shareholders’ equity for the third quarter of 2024 was due to common stock repurchases of $11.0 million and common stock cash dividends paid of $2.9 million, offset by net income of $7.0 million, lower net unrealized loss on available-for-sale securities of $4.8 million and equity compensation activity of $528,000. Book value per share and tangible book value per share⁽¹⁾increased to $28.81 and $24.64 at September 30, 2024, up from $28.12 and $24.06 at June 30, 2024.

On February 29, 2024, the Board of Directors authorized the repurchase of up to 1,000,000 shares of common stock. The repurchase program permitted shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Securities and Exchange Commission (“SEC”) Rules 10b5-1 and 10b-8. The Company repurchased 508,275 shares at a weighted average share price of $21.53 during the third quarter of 2024 and completed the authorized program.

Dividend Announcement

The Board of Directors has declared a common stock cash dividend of $0.16 per common share, payable on November 12, 2024 to shareholders of record on October 31, 2024.

	Contact: Lynn Hopkins, Chief Financial Officer
	(213) 716-8066
	lhopkins@rbbusa.com

(1) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.

Corporate Overview

RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of September 30, 2024, the Company had total assets of $4.0 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominately to the Asian-centric communities in Los Angeles County, Orange County, and Ventura County in California, in Las Vegas, Nevada, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company’s administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com.

Conference Call

Management will hold a conference call at 11:00 a.m. Pacific time/2:00 p.m. Eastern time on Tuesday, October 22, 2024, to discuss the Company’s third quarter 2024 financial results.

To listen to the conference call, please dial 1-888-506-0062 or 1-973-528-0011, the Participant ID code is 392446, conference ID RBBQ324. A replay of the call will be made available at 1-877-481-4010 or 1-919-882-2331, the passcode is 51366, approximately one hour after the conclusion of the call and will remain available through November 5, 2024.

The conference call will also be simultaneously webcast over the Internet; please visit our Royal Business Bank website at http://www.royalbusinessbankusa.com and click on the “Investors” tab to access the call from the site. This webcast will be recorded and available for replay on our website approximately two hours after the conclusion of the conference call.

Disclosure

This press release contains certain non-GAAP financial disclosures for tangible common equity and tangible assets and adjusted earnings. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. Please refer to the tables at the end of this release for a presentation of performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measures to the GAAP financial measures.

Safe Harbor

Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the United States (“U.S.”) federal budget or debt or turbulence or uncertainly in domestic or foreign financial markets; the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments; our ability to attract and retain deposits and access other sources of liquidity; possible additional provisions for credit losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; failure to comply with debt covenants; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; severe weather, natural disasters, earthquakes, fires; or other adverse external events could harm our business; geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts between Russia and Ukraine, in the Middle East, and increasing tensions between China and Taiwan, which could impact business and economic conditions in the U.S. and abroad; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; general economic or business conditions in Asia, and other regions where the Bank has operations; failures, interruptions, or security breaches of our information systems; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; cybersecurity threats and the cost of defending against them; our ability to adapt our systems to the expanding use of technology in banking; risk management processes and strategies; adverse results in legal proceedings; the impact of regulatory enforcement actions, if any; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in tax laws and regulations; the impact of governmental efforts to restructure the U.S. financial regulatory system; the impact of future or recent changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate and the rules and regulations related to the calculation of the FDIC insurance assessments; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters, including Accounting Standards Update 2016-13 (Topic 326, “Measurement of Current Losses on Financial Instruments, commonly referenced as the Current Expected Credit Losses Model, which changed how we estimate credit losses and may further increase the required level of our allowance for credit losses in future periods; market disruption and volatility; fluctuations in the Company’s stock price; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; issuances of preferred stock; our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California Department of Financial Protection and Innovation; our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K for the year ended December 31, 2023, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

RBB BANCORP AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands)
	September 30,			June 30,			March 31,			December 31,			September 30,
	2024			2024			2024			2023			2023
Assets
Cash and due from banks	$	26,388		$	23,313		$	21,887		$	22,671		$	23,809
Interest-earning deposits with financial institutions		323,002			229,456			247,356			408,702			306,982
Cash and Cash Equivalents		349,390			252,769			269,243			431,373			330,791
Interest-earning time deposits with financial institutions		600			600			600			600			600
Investment securities available for sale		305,666			325,582			335,194			318,961			354,378
Investment securities held to maturity		5,195			5,200			5,204			5,209			5,214
Mortgage loans held for sale		812			3,146			3,903			1,911			62
Loans held for investment		3,091,896			3,047,712			3,027,361			3,031,861			3,120,952
Allowance for loan losses		(43,685	)		(41,741	)		(41,688	)		(41,903	)		(42,430	)
Net loans held for investment		3,048,211			3,005,971			2,985,673			2,989,958			3,078,522
Premises and equipment, net		24,839			25,049			25,363			25,684			26,134
Federal Home Loan Bank (FHLB) stock		15,000			15,000			15,000			15,000			15,000
Cash surrender value of bank owned life insurance		59,889			59,486			59,101			58,719			58,346
Goodwill		71,498			71,498			71,498			71,498			71,498
Servicing assets		7,256			7,545			7,794			8,110			8,439
Core deposit intangibles		2,194			2,394			2,594			2,795			3,010
Right-of-use assets		29,283			30,530			31,231			29,803			29,949
Accrued interest and other assets		70,644			63,416			65,608			66,404			87,411
Total assets	$	3,990,477		$	3,868,186		$	3,878,006		$	4,026,025		$	4,069,354
Liabilities and shareholders’ equity
Deposits:
Noninterest-bearing demand	$	543,623		$	542,971		$	539,517		$	539,621		$	572,393
Savings, NOW and money market accounts		666,089			647,770			642,840			632,729			608,020
Time deposits, $250,000 and under		1,052,462			1,014,189			1,083,898			1,190,821			1,237,831
Time deposits, greater than $250,000		830,010			818,675			762,074			811,589			735,828
Total deposits		3,092,184			3,023,605			3,028,329			3,174,760			3,154,072
FHLB advances		200,000			150,000			150,000			150,000			150,000
Long-term debt, net of issuance costs		119,433			119,338			119,243			119,147			174,019
Subordinated debentures		15,102			15,047			14,993			14,938			14,884
Lease liabilities – operating leases		30,880			32,087			32,690			31,191			31,265
Accrued interest and other liabilities		23,150			16,818			18,765			24,729			42,603
Total liabilities		3,480,749			3,356,895			3,364,020			3,514,765			3,566,843
Shareholders’ equity:
Common Stock		259,280			266,160			271,645			271,925			277,462
Additional paid-in capital		3,520			3,456			3,348			3,623			3,579
Retained Earnings		262,946			262,518			259,903			255,152			247,159
Non-controlling interest		72			72			72			72			72
Accumulated other comprehensive loss, net		(16,090	)		(20,915	)		(20,982	)		(19,512	)		(25,761	)
Total shareholders’ equity		509,728			511,291			513,986			511,260			502,511
Total liabilities and shareholders’ equity	$	3,990,477		$	3,868,186		$	3,878,006		$	4,026,025		$	4,069,354

RBB BANCORP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) *(In thousands, except share and per share data)*
	For the Three Months Ended						For the Nine Months Ended
	September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest and dividend income:
Interest and fees on loans	$	47,326	$	45,320	$	47,617	$	138,193	$	148,369
Interest on interest-earning deposits		3,388		3,353		3,193		11,781		6,096
Interest on investment securities		3,127		3,631		4,211		10,369		10,321
Dividend income on FHLB stock		326		327		290		984		814
Interest on federal funds sold and other		258		255		252		779		716
Total interest and dividend income		54,425		52,886		55,563		162,106		166,316
Interest expense:
Interest on savings deposits, NOW and money market accounts		5,193		4,953		3,106		14,624		8,180
Interest on time deposits		22,553		21,850		21,849		67,725		54,424
Interest on long-term debt and subordinated debentures		1,681		1,679		2,579		5,039		7,668
Interest on other borrowed funds		453		439		440		1,331		2,428
Total interest expense		29,880		28,921		27,974		88,719		72,700
Net interest income before provision for credit losses		24,545		23,965		27,589		73,387		93,616
Provision for credit losses		3,300		557		1,399		3,857		3,793
Net interest income after provision for credit losses		21,245		23,408		26,190		69,530		89,823
Noninterest income:
Service charges and fees		1,071		1,064		1,057		3,127		3,200
Gain on sale of loans		447		451		212		1,210		258
Loan servicing fees, net of amortization		605		579		623		1,773		1,959
Increase in cash surrender value of life insurance		402		385		356		1,169		1,036
Gain on OREO		—		292		190		1,016		190
Other income		3,221		717		332		4,311		982
Total noninterest income		5,746		3,488		2,770		12,606		7,625
Noninterest expense:
Salaries and employee benefits		10,008		9,533		9,744		29,468		28,935
Occupancy and equipment expenses		2,518		2,439		2,414		7,400		7,242
Data processing		1,472		1,466		1,315		4,358		3,969
Legal and professional		958		1,260		1,022		3,098		6,907
Office expenses		348		352		437		1,056		1,163
Marketing and business promotion		252		189		340		613		892
Insurance and regulatory assessments		658		981		730		2,621		2,043
Core deposit premium		200		201		236		602		708
Other expenses		1,007		703		638		2,298		2,445
Total noninterest expense		17,421		17,124		16,876		51,514		54,304
Income before income taxes		9,570		9,772		12,084		30,622		43,144
Income tax expense		2,571		2,527		3,611		8,342		12,752
Net income	$	6,999	$	7,245	$	8,473	$	22,280	$	30,392

Net income per share
Basic	$	0.39	$	0.39	$	0.45	$	1.22	$	1.60
Diluted	$	0.39	$	0.39	$	0.45	$	1.22	$	1.60
Cash Dividends declared per common share	$	0.16	$	0.16	$	0.16	$	0.48	$	0.48
Weighted-average common shares outstanding
Basic		17,812,791		18,375,970		18,995,303		18,261,702		18,991,579
Diluted		17,885,359		18,406,897		18,997,304		18,313,086		19,013,838

RBB BANCORP AND SUBSIDIARIES AVERAGE BALANCE SHEET AND NET INTEREST INCOME (Unaudited)
	For the Three Months Ended
	September 30, 2024							June 30, 2024							September 30, 2023
*(tax-equivalent basis, dollars in thousands)*	Average Balance		Interest & Fees		Yield / Rate			Average Balance		Interest & Fees		Yield / Rate			Average Balance		Interest & Fees		Yield / Rate
Interest-earning assets
Cash and cash equivalents⁽¹⁾	$	260,205	$	3,646		5.57	%	$	255,973	$	3,608		5.67	%	$	270,484	$	3,445		5.05	%
FHLB Stock		15,000		326		8.65	%		15,000		327		8.77	%		15,000		290		7.67	%
Securities
Available for sale⁽²⁾		298,948		3,105		4.13	%		318,240		3,608		4.56	%		369,459		4,187		4.50	%
Held to maturity⁽²⁾		5,198		46		3.52	%		5,203		46		3.56	%		5,385		48		3.54	%
Mortgage loans held for sale		1,165		23		7.85	%		3,032		57		7.56	%		739		13		6.98	%
Loans held for investment:⁽³⁾
Real estate		2,888,528		43,495		5.99	%		2,828,339		41,590		5.91	%		2,968,246		43,583		5.83	%
Commercial		179,885		3,808		8.42	%		185,679		3,673		7.96	%		187,140		4,021		8.52	%
Total loans held for investment		3,068,413		47,303		6.13	%		3,014,018		45,263		6.04	%		3,155,386		47,604		5.99	%
Total interest-earning assets		3,648,929	$	54,449		5.94	%		3,611,466	$	52,909		5.89	%		3,816,453	$	55,587		5.78	%
Total noninterest-earning assets		242,059							240,016							250,083
Total average assets	$	3,890,988						$	3,851,482						$	4,066,536

Interest-bearing liabilities
NOW		55,757		277		1.98	%	$	56,081	$	276		1.98	%	$	55,325	$	201		1.44	%
Money Market		439,936		4,093		3.70	%		431,559		3,877		3.61	%		403,300		2,656		2.61	%
Saving deposits		164,515		823		1.99	%		164,913		800		1.95	%		123,709		249		0.80	%
Time deposits, $250,000 and under		1,037,365		12,312		4.72	%		1,049,666		12,360		4.74	%		1,285,320		14,090		4.35	%
Time deposits, greater than $250,000		819,207		10,241		4.97	%		772,255		9,490		4.94	%		717,026		7,759		4.29	%
Total interest-bearing deposits		2,516,780		27,746		4.39	%		2,474,474		26,803		4.36	%		2,584,680		24,955		3.83	%
FHLB advances		150,543		453		1.20	%		150,000		439		1.18	%		150,000		440		1.16	%
Long-term debt		119,370		1,295		4.32	%		119,275		1,296		4.37	%		173,923		2,194		5.00	%
Subordinated debentures		15,066		386		10.19	%		15,011		383		10.26	%		14,848		385		10.29	%
Total interest-bearing liabilities		2,801,759		29,880		4.24	%		2,758,760		28,921		4.22	%		2,923,451		27,974		3.80	%
Noninterest-bearing liabilities
Noninterest-bearing deposits		528,081							529,450							571,371
Other noninterest-bearing liabilities		52,428							51,087							67,282
Total noninterest-bearing liabilities		580,509							580,537							638,653
Shareholders’ equity		508,720							512,185							504,432
Total liabilities and shareholders’ equity	$	3,890,988						$	3,851,482						$	4,066,536
Net interest income / interest rate spreads			$	24,569		1.70	%			$	23,988		1.67	%			$	27,613		1.98	%
Net interest margin						2.68	%						2.67	%						2.87	%

Total cost of deposits	$	3,044,861	$	27,746		3.63	%	$	3,003,924	$	26,803		3.59	%	$	3,156,051	$	24,955		3.14	%
Total cost of funds	$	3,329,840	$	29,880		3.57	%	$	3,288,210	$	28,921		3.54	%	$	3,494,822	$	27,974		3.18	%

_________________
(1) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
(2) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
(3) Average loan balances include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.

RBB BANCORP AND SUBSIDIARIES AVERAGE BALANCE SHEET AND NET INTEREST INCOME (Unaudited)
	For the Nine Months Ended
	September 30, 2024							September 30, 2023
*(tax-equivalent basis, dollars in thousands)*	Average Balance		Interest & Fees		Yield / Rate			Average Balance		Interest & Fees		Yield / Rate
Interest-earning assets
Cash and cash equivalents⁽¹⁾	$	293,597	$	12,560		5.71	%	$	177,393	$	6,812		5.13	%
FHLB Stock		15,000		984		8.76	%		15,000		814		7.26	%
Securities
Available for sale⁽²⁾		312,352		10,302		4.41	%		332,007		10,245		4.13	%
Held to maturity⁽²⁾		5,203		140		3.59	%		5,610		151		3.60	%
Mortgage loans held for sale		1,802		105		7.78	%		295		16		7.25	%
Loans held for investment:⁽³⁾
Real estate		2,851,625		126,852		5.94	%		3,041,393		134,791		5.93	%
Commercial		181,716		11,236		8.26	%		214,618		13,562		8.45	%
Total loans held for investment		3,033,341		138,088		6.08	%		3,256,011		148,353		6.09	%
Total interest-earning assets		3,661,295	$	162,179		5.92	%		3,786,316	$	166,391		5.88	%
Total noninterest-earning assets		242,802							244,822
Total average assets	$	3,904,097						$	4,031,138

Interest-bearing liabilities
NOW	$	56,924		851		2.00	%	$	59,476	$	511		1.15	%
Money Market		427,884		11,496		3.59	%		431,299		7,315		2.27	%
Saving deposits		162,207		2,277		1.88	%		118,550		354		0.40	%
Time deposits, $250,000 and under		1,087,501		38,476		4.73	%		1,141,290		33,905		3.97	%
Time deposits, greater than $250,000		792,310		29,249		4.93	%		729,699		20,519		3.76	%
Total interest-bearing deposits		2,526,826		82,349		4.35	%		2,480,314		62,604		3.37	%
FHLB advances		150,182		1,331		1.18	%		179,707		2,428		1.81	%
Long-term debt		119,276		3,886		4.35	%		173,780		6,584		5.07	%
Subordinated debentures		15,012		1,153		10.26	%		14,794		1,084		9.80	%
Total interest-bearing liabilities		2,811,296		88,719		4.22	%		2,848,595		72,700		3.41	%
Noninterest-bearing liabilities
Noninterest-bearing deposits		528,624							624,781
Other noninterest-bearing liabilities		52,955							58,786
Total noninterest-bearing liabilities		581,579							683,567
Shareholders’ equity		511,222							498,976
Total liabilities and shareholders’ equity	$	3,904,097						$	4,031,138
Net interest income / interest rate spreads			$	73,460		1.70	%			$	93,691		2.47	%
Net interest margin						2.68	%						3.31	%

Total cost of deposits	$	3,055,450	$	82,349		3.60	%	$	3,105,095	$	62,604		2.70	%
Total cost of funds	$	3,339,920	$	88,719		3.55	%	$	3,473,376	$	72,700		2.80	%

_______________
(1) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
(2) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
(3) Average loan balances include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.

RBB BANCORP AND SUBSIDIARIES SELECTED FINANCIAL HIGHLIGHTS (Unaudited)
	At or for the Three Months Ended									At or for the Nine Months Ended September 30,
	September 30,			June 30,			September 30,
		2024		2024			2023			2024			2023
Per share data (common stock)
Book value	$	28.81		$	28.12		$	26.45		$	28.81		$	26.45
Tangible book value⁽¹⁾	$	24.64		$	24.06		$	22.53		$	24.64		$	22.53
Performance ratios
Return on average assets, annualized		0.72	%		0.76	%		0.83	%		0.76	%		1.01	%
Return on average shareholders’ equity, annualized		5.47	%		5.69	%		6.66	%		5.82	%		8.14	%
Return on average tangible common equity, annualized⁽¹⁾		6.40	%		6.65	%		7.82	%		6.81	%		9.58	%
Noninterest income to average assets, annualized		0.59	%		0.36	%		0.27	%		0.43	%		0.25	%
Noninterest expense to average assets, annualized		1.78	%		1.79	%		1.65	%		1.76	%		1.80	%
Yield on average earning assets		5.94	%		5.89	%		5.78	%		5.92	%		5.88	%
Yield on average loans		6.13	%		6.04	%		5.99	%		6.08	%		6.09	%
Cost of average total deposits⁽²⁾		3.63	%		3.59	%		3.14	%		3.60	%		2.70	%
Cost of average interest-bearing deposits		4.39	%		4.36	%		3.83	%		4.35	%		3.37	%
Cost of average interest-bearing liabilities		4.24	%		4.22	%		3.80	%		4.22	%		3.41	%
Net interest spread		1.70	%		1.67	%		1.98	%		1.70	%		2.47	%
Net interest margin		2.68	%		2.67	%		2.87	%		2.68	%		3.31	%
Efficiency ratio⁽³⁾		57.51	%		62.38	%		55.59	%		59.90	%		53.64	%
Common stock dividend payout ratio		41.03	%		41.03	%		35.56	%		39.34	%		30.00	%

____________________

(1) Non-GAAP measure. See Non–GAAP reconciliations set forth at the end of this press release.
(2) Total deposits include non-interest bearing deposits and interest-bearing deposits.
(3) Ratio calculated by dividing noninterest expense by the sum of net interest income before provision for credit losses and noninterest income.

RBB BANCORP AND SUBSIDIARIES SELECTED FINANCIAL HIGHLIGHTS (Unaudited) *(Dollars in thousands)*
	At or for the quarter ended
	September 30,			June 30,			September 30,
	2024			2024			2023
Credit Quality Data:
Special mention loans	$	77,501		$	19,520		$	31,212
Special mention loans to total loans		2.51	%		0.64	%		1.00	%
Substandard loans	$	79,831		$	63,076		$	71,401
Substandard loans to total loans		2.58	%		2.07	%		2.29	%
Loans 30-89 days past due, excluding nonperforming loans	$	10,625		$	11,270		$	19,662
Loans 30-89 days past due, excluding nonperforming loans, to total loans		0.34	%		0.37	%		0.63	%
Nonperforming loans	$	60,662		$	54,589		$	40,146
OREO		—			—			284
Nonperforming assets	$	60,662		$	54,589		$	40,430
Nonperforming loans to total loans		1.96	%		1.79	%		1.29	%
Nonperforming assets to total assets		1.52	%		1.41	%		0.99	%

Allowance for loan losses	$	43,685		$	41,741		$	42,430
Allowance for loan losses to total loans		1.41	%		1.37	%		1.36	%
Allowance for loan losses to nonperforming loans		72.01	%		76.46	%		105.69	%
Net charge-offs	$	1,201		$	551		$	2,206
Net charge-offs to average loans		0.16	%		0.07	%		0.28	%

Capital ratios⁽¹⁾
Tangible common equity to tangible assets⁽²⁾		11.13	%		11.53	%		10.71	%
Tier 1 leverage ratio		12.19	%		12.48	%		11.68	%
Tier 1 common capital to risk-weighted assets		18.16	%		18.89	%		17.65	%
Tier 1 capital to risk-weighted assets		18.74	%		19.50	%		18.22	%
Total capital to risk-weighted assets		24.79	%		25.67	%		26.24	%

______________
(1) September 30, 2024 capital ratios are preliminary.
(2) Non-GAAP measure. See Non-GAAP reconciliations set forth at the end of this press release.

RBB BANCORP AND SUBSIDIARIES SELECTED FINANCIAL HIGHLIGHTS (Unaudited)
Loan Portfolio Detail	As of September 30, 2024					As of June 30, 2024					As of September 30, 2023
*(dollars in thousands)*	$			%		$				%	$				%
Loans:
Commercial and industrial	$	128,861		4.2	%	$	126,649		4.2	%	$	127,655		4.1	%
SBA		48,089		1.6	%		50,323		1.7	%		50,420		1.6	%
Construction and land development		180,196		5.8	%		202,459		6.6	%		259,778		8.3	%
Commercial real estate ⁽¹⁾		1,252,682		40.5	%		1,190,207		39.1	%		1,164,210		37.3	%
Single-family residential mortgages		1,473,396		47.7	%		1,467,802		48.2	%		1,505,307		48.2	%
Other loans		8,672		0.2	%		10,272		0.2	%		13,582		0.5	%
Total loans ⁽²⁾	$	3,091,896		100.0	%	$	3,047,712		100.0	%	$	3,120,952		100.0	%
Allowance for loan losses		(43,685	)				(41,741	)				(42,430	)
Total loans, net	$	3,048,211				$	3,005,971				$	3,078,522

_______________
(1) Includes non-farm and non-residential loans, multi-family residential loans and non-owner occupied single family residential loans.
(2) Net of discounts and deferred fees and costs of $467, $645, and $383 as of September 30, 2024, June 30, 2024, and September 30, 2023, respectively.

Deposits	As of September 30, 2024				As of June 30, 2024				As of September 30, 2023
*(dollars in thousands)*	$		%		$			%	$			%
Deposits:
Noninterest-bearing demand	$	543,623	17.6	%	$	542,971	18.0	%	$	572,393	18.1	%
Savings, NOW and money market accounts		666,089	21.5	%		647,770	21.4	%		608,020	19.3	%
Time deposits, $250,000 and under		926,877	30.0	%		921,712	30.5	%		848,868	26.9	%
Time deposits, greater than $250,000		808,304	26.1	%		790,478	26.1	%		687,365	21.8	%
Wholesale deposits⁽¹⁾		147,291	4.8	%		120,674	4.0	%		437,426	13.9	%
Total deposits	$	3,092,184	100.0	%	$	3,023,605	100.0	%	$	3,154,072	100.0	%

___________________
(1) Includes brokered deposits, collateralized deposits from the State of California, and deposits acquired through internet listing services.

Non-GAAP Reconciliations

Tangible Book Value Reconciliations

Tangible book value per share is a non-GAAP disclosure. Management measures tangible book value per share to assess the Company’s capital strength and business performance and believes this is helpful to investors as additional tools for further understanding our performance. The following is a reconciliation of tangible book value to the Company shareholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of September 30, 2024, June 30, 2024, and September 30, 2023.


*(dollars in thousands, except share and per share data)*	September 30, 2024			June 30, 2024			September 30, 2023
Tangible common equity:
Total shareholders’ equity	$	509,728		$	511,291		$	502,511
Adjustments
Goodwill		(71,498	)		(71,498	)		(71,498	)
Core deposit intangible		(2,194	)		(2,394	)		(3,010	)
Tangible common equity	$	436,036		$	437,399		$	428,003
Tangible assets:
Total assets-GAAP	$	3,990,477		$	3,868,186		$	4,069,354
Adjustments
Goodwill		(71,498	)		(71,498	)		(71,498	)
Core deposit intangible		(2,194	)		(2,394	)		(3,010	)
Tangible assets	$	3,916,785		$	3,794,294		$	3,994,846
Common shares outstanding		17,693,416			18,182,154			18,995,303
Common equity to assets ratio		12.77	%		13.22	%		12.35	%
Tangible common equity to tangible assets ratio		11.13	%		11.53	%		10.71	%
Book value per share	$	28.81		$	28.12		$	26.45
Tangible book value per share	$	24.64		$	24.06		$	22.53

Return on Average Tangible Common Equity

Management measures return on average tangible common equity (“ROATCE”) to assess the Company’s capital strength and business performance and believes this is helpful to investors as an additional tool for further understanding our performance. Tangible equity excludes goodwill and other intangible assets (excluding mortgage servicing rights), and is reviewed by banking and financial institution regulators when assessing a financial institution’s capital adequacy. This non-GAAP financial measure should not be considered a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures used by other companies. The following table reconciles ROATCE to its most comparable GAAP measure:

	Three Months Ended									Nine Months Ended September 30,
*(dollars in thousands)*	September 30, 2024			June 30, 2024			September 30, 2023			2024			2023
Net income available to common shareholders	$	6,999		$	7,245		$	8,473		$	22,280		$	30,392
Average shareholders’ equity		508,720			512,185			504,432			511,222			498,976
Adjustments:
Average goodwill		(71,498	)		(71,498	)		(71,498	)		(71,498	)		(71,498	)
Average core deposit intangible		(2,326	)		(2,525	)		(3,165	)		(2,525	)		(3,398	)
Adjusted average tangible common equity	$	434,896		$	438,162		$	429,769		$	437,199		$	424,080
Return on average common equity		5.47	%		5.69	%		6.66	%		5.82	%		8.14	%
Return on average tangible common equity		6.40	%		6.65	%		7.82	%		6.81	%		9.58	%

MIL-OSI: CNB Financial Corporation Reports Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

CLEARFIELD, Pa., Oct. 21, 2024 (GLOBE NEWSWIRE) — CNB Financial Corporation (“Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three and nine months ended September 30, 2024.

Executive Summary

Net income available to common shareholders (“earnings”) was $12.9 million, or $0.61 per diluted share, for the three months ended September 30, 2024, compared to earnings of $11.9 million, or $0.56 per diluted share, for the three months ended June 30, 2024. The quarterly increase was a result of increases in both net interest income and non-interest income, partially offset by an increase in non-interest expense, as discussed in more detail below. The increase in third quarter 2024 earnings and diluted earnings per share when compared to the quarter ended September 30, 2023 earnings of $12.7 million, or $0.60 per diluted share, was primarily due to the increase in non-interest income, partially offset by an increase in non-interest expense.
Earnings were $36.3 million, or $1.72 per diluted share, for the nine months ended September 30, 2024, compared to earnings of $40.8 million, or $1.94 per diluted share, for the nine months ended September 30, 2023. The decrease in earnings and diluted earnings per share comparing the nine months ended September 30, 2024 to the nine months ended September 30, 2023 was primarily due to the rise in deposit costs year over year.
At September 30, 2024, loans totaled $4.5 billion, excluding the balances of syndicated loans. This adjusted total of $4.5 billion in loans represented an increase of $96.7 million, or 2.18% (8.69% annualized), compared to the same adjusted total loans measured as of June 30, 2024, and an increase of $153.4 million, or 3.51%, compared to the same adjusted total loans measured as of September 30, 2023. The increase in loans for the quarter ended September 30, 2024 compared to the quarter ended June 30, 2024 was primarily driven by qualitative commercial and industrial growth in the Erie and Columbus markets and continued growth in new commercial customer relationships in the Corporation’s recent expansion market of Roanoke, coupled with growth in CNB’s Private Banking division with notable activity in the Roanoke market. The year over year growth in loans as of September 30, 2024 compared to loans as of September 30, 2023 resulted primarily from growth in the Corporation’s continued expansion into the newer markets of Cleveland and Roanoke, combined with growth in the Columbus and Erie markets and CNB Bank’s Private Banking division.
- At September 30, 2024, the Corporation’s balance sheet reflected an increase in syndicated lending balances of $15.5 million compared to June 30, 2024. The increase in syndicated lending balances was the result of the Corporation managing the level of its syndicated portfolio by ensuring its historical discipline of seeking high credit quality loans with favorable yields. Year over year, the Corporation’s balance sheet reported a decrease in syndicated lending balances of $53.6 million compared to September 30, 2023, resulting from scheduled paydowns or early payoffs of certain syndicated loans. The syndicated loan portfolio totaled $69.5 million, or 1.51% of total loans, at September 30, 2024, compared to $53.9 million, or 1.20% of total loans, at June 30, 2024 and $123.1 million, or 2.74% of total loans, at September 30, 2023. As noted above, the Corporation is closely managing the level of its syndicated loan portfolio while it focuses more resources on organic loan growth from its in-market customer relationships.
At September 30, 2024, total deposits were $5.2 billion, reflecting an increase of $106.1 million, or 2.08% (8.26% annualized), from the previous quarter ended June 30, 2024, and an increase of $214.2 million, or 4.28%, compared to total deposits measured as of September 30, 2023. The increase in deposit balances compared to June 30, 2024 was primarily attributable to an increase in noninterest-bearing business deposits and retail saving deposits. Additional deposit and liquidity profile details were as follows:
- During the quarter ended September 30, 2024, the Corporation repositioned $135.0 million of brokered deposits from savings to certificates of deposits. Additionally, $50.0 million of maturing brokered certificates of deposit were replaced with a similar offering. The repositioning and replacement totaling $185.0 million during the quarter and reduced the weighted average annual percentage yield (“APY”) from 5.70% to a locked-in APY of 4.37%, for maturity periods ranging from 12-14 months. This adjustment is expected to result in an estimated annual interest expense savings of $2.5 million for the Corporation. The mix of brokered deposits of 3.55% of total deposits at September 30, 2024, remained stable with the mix of 3.58% of total deposits at June 30, 2024.
- At September 30, 2024, the total estimated uninsured deposits for CNB Bank were approximately $1.5 billion, or approximately 28.50% of total CNB Bank deposits. However, when excluding $103.1 million of affiliate company deposits and $462.7 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits was approximately $950.6 million, or approximately 17.87% of total CNB Bank deposits as of September 30, 2024.
  - The level of adjusted uninsured deposits at September 30, 2024 was relatively unchanged with the prior quarter end’s level. At June 30, 2024, the total estimated uninsured deposits for CNB Bank were approximately $1.5 billion, or approximately 29.00% of total CNB Bank deposits; however, when excluding $101.4 million of affiliate company deposits and $460.7 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits was approximately $949.8 million, or approximately 18.22% of total CNB Bank deposits as of June 30, 2024.
- At September 30, 2024, the average deposit balance per account for CNB Bank was approximately $33 thousand, which generally remained consistent with the average deposit balance per account from recent quarters. CNB Bank had increases in the volume of business deposits, as well as retail customer household deposits, including those added after the 2023 launches of (i) CNB Bank’s “At Ease” account, a service for U.S. service member and veteran families, and (ii) CNB’s women-focused banking division, Impressia Bank.
- At September 30, 2024, the Corporation had $282.0 million of cash equivalents held in CNB Bank’s interest-bearing deposit account at the Federal Reserve. These excess funds, when combined with collective contingent liquidity resources of $4.5 billion including (i) available borrowing capacity from the Federal Home Bank of Pittsburgh (“FHLB”) and the Federal Reserve, and (ii) available unused commitments from brokered deposit sources and other third-party funding channels, including previously established lines of credit from correspondent banks, resulted in the total on-hand and contingent liquidity sources for the Corporation as of September 30, 2024 to be approximately 5.0 times the estimated amount of adjusted uninsured deposit balances discussed above.
At September 30, 2024, June 30, 2024 and September 30, 2023, the Corporation had no outstanding short-term borrowings from the FHLB or the Federal Reserve’s Discount Window.
At September 30, 2024, the Corporation’s pre-tax net unrealized losses on available-for-sale and held-to-maturity securities totaled approximately $62.5 million, or 10.30% of total shareholders’ equity, compared to $84.1 million, or 14.33% of total shareholders’ equity, at June 30, 2024. The change in unrealized losses was primarily due to changes in the yield curve in the third quarter of 2024 compared to the second quarter of 2024, coupled with the Corporation’s scheduled bond maturities, which were all realized at par. Importantly, all regulatory capital ratios for the Corporation would still exceed regulatory “well-capitalized” levels as of both September 30, 2024 and June 30, 2024 if the net unrealized losses at the respective dates were fully recognized. Additionally, the Corporation maintained $102.0 million of liquid funds at its holding company, which more than covers the $62.5 million in unrealized losses on investments held primarily in its wholly-owned banking subsidiary, as an immediately available source of contingent capital to be down-streamed to CNB Bank, if necessary.
Total nonperforming assets were approximately $42.0 million, or 0.70% of total assets, as of September 30, 2024, compared to $36.5 million, or 0.62% of total assets, as of June 30, 2024, and $29.3 million, or 0.51% of total assets, as of September 30, 2023. The increase in nonperforming assets for the three months ended September 30, 2024 compared to the three months ended June 30, 2024 was primarily due to one commercial relationship (consisting of various loan types) totaling $7.9 million with a specific reserve balance of $2.2 million. Management does not believe there is risk of significant additional loss exposures beyond the specific reserves related to this loan relationship. The increase in non-performing assets at September 30, 2024 compared to September 30, 2023 was due to the loan relationship discussed above, as well as certain commercial and industrial relationships as previously disclosed in the fourth quarter of 2023 and second quarter of 2024, and a commercial real estate relationship as previously disclosed in the third quarter of 2023. For the three months ended September 30, 2024, net loan charge-offs were $1.2 million, or 0.11% (annualized) of average total loans and loans held for sale, compared to $2.8 million, or 0.25% (annualized) of average total loans and loans held for sale, during the three months ended June 30, 2024, and $732 thousand, or 0.06% (annualized) of average total loans and loans held for sale, during the three months ended September 30, 2023.
Pre-provision net revenue (“PPNR”), a non-GAAP measure, was $19.7 million for the three months ended September 30, 2024, compared to $18.6 million and $18.2 million for the three months ended June 30, 2024 and September 30, 2023, respectively.¹ The third quarter 2024 PPNR, when compared to the second quarter of 2024, reflected improvements in net interest income and non-interest income, partially offset by higher non-interest expense. The increase in PPNR for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, was primarily attributable to the increase in non-interest income. PPNR was $55.0 million for the nine months ended September 30, 2024 compared to $59.4 million for the nine months ended September 30, 2023.¹ The decrease in PPNR for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily attributable to the significant year-over-year increase in deposit costs, coupled with increases in certain personnel costs (primarily from new offices and personnel added in expansion markets), as well as additional technology expenses for recently completed full implementation of business development and customer relationship management applications.

¹ This release contains references to certain financial measures that are not defined under U.S. Generally Accepted Accounting Principles (“GAAP”). Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. A reconciliation of these non-GAAP financial measures is provided in the “Reconciliation of Non-GAAP Financial Measures” section.

Michael Peduzzi, President and CEO of both the Corporation and CNB Bank, commented on the Corporation’s positive quarterly results, stating, “CNB’s performance for the third quarter of 2024 was much in alignment with themes in a time of year when so many sports are active. We continue to have a strong defense with our traditionally sound loan and investment underwriting, disciplined loan and deposit pricing, and solid risk management practices. This was complemented by a solid offensive push as we translated pipeline activity and qualified business leads into sound loan growth, and an expansion of the number of relationships and accounts in our deposit base, all leading to notable increases in revenues. Further, thanks to effective “special team” efforts by our Finance team, we closely monitored market conditions and took advantage of an opportunity to realize substantial interest expense savings by repositioning a large portion of wholesale funding sources.

The Corporation’s team across our entire footprint continues to be focused on controlling staffing levels and overhead cost management, while expanding the use of the Corporation’s previous investments in key sales and customer experience technologies. Our playbook for implementing our overall strategy remains the same – to maintain a team of motivated and engaged employees delivering products and services to achieve mutually beneficial and sustainable success for our clients and investors.”

Other Balance Sheet Highlights

Book value per common share was $26.13 at September 30, 2024, reflecting an increase from $25.19 at June 30, 2024 and $23.52 at September 30, 2023. Tangible book value per common share, a non-GAAP measure, was $24.03 as of September 30, 2024, reflecting an increase of $0.94, or 16.20% (annualized) from $23.09 as of June 30, 2024 and a year-over-year increase of $2.63, or 12.29%, from $21.40 as of September 30, 2023.¹ The increases in book value per common share and tangible book value per common share compared to June 30, 2024 were primarily due to a $9.1 million increase in retained earnings and a $10.1 million decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the past three months. The increases in book value per common share and tangible book value per common share compared to September 30, 2023 were primarily due to (i) a $34.4 million increase in retained earnings over the twelve months ended September 30, 2024, (ii) the Corporation’s repurchase of 23,988 common shares at a weighted average price of $18.38 in the second quarter of 2024, and (iii) a $21.2 million decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the past twelve months.

Loan Portfolio Profile

As part of our lending policy and risk management activities, the Corporation tracks lending exposure by industry classification and type to determine potential risks associated with industry concentrations, and if any concentration risk issues could lead to additional credit loss exposure. In the current post-pandemic and relatively inflationary economic environment, the Corporation has continued to evaluate its exposure to the office, hospitality, and multifamily industries within its commercial real estate portfolio. Even given the Corporation’s historically sound underwriting protocols and high credit quality ratings for borrowers in the commercial real estate industry segments, the Corporation monitors numerous relevant sensitivity elements, including occupancy, loan-to-value, absorption and cap rates, debt service coverage and covenant compliance, and developer/lessor financial strength both in the project and globally. At September 30, 2024, the Corporation had the following key metrics related to its office, hospitality and multifamily portfolios:

Commercial office loans:
- There were 114 outstanding loans, totaling $117.0 million, or 2.55%, of the Corporation loans outstanding;
- There were no nonaccrual commercial office loans at September 30, 2024;
- There was one past due commercial office loan that totaled $214 thousand, or 0.18% of total commercial office loans outstanding at September 30, 2024; and
- The average outstanding balance per commercial office loan was $1.0 million.

Commercial hospitality loans:
- There were 173 outstanding loans, totaling $320.6 million, or 6.98%, of total Corporation loans outstanding;
- There were no nonaccrual commercial hospitality loans at September 30, 2024;
- There were no past due commercial hospitality loans at September 30, 2024; and
- The average outstanding balance per commercial hospitality loan was $1.9 million.

Commercial multifamily loans:
- There were 225 outstanding loans, totaling $349.1 million, or 7.60%, of total Corporation loans outstanding;
- There was one nonaccrual commercial multifamily loan that totaled $268 thousand, or 0.08% of total multifamily loans outstanding. The one customer relationship did not have a related specific loss reserve at September 30, 2024
- There were two past due commercial office loans that totaled $760 thousand, or 0.22% of total commercial multifamily loans outstanding at September 30, 2024; and
- The average outstanding balance per commercial multifamily loan was $1.6 million.

The Corporation had no commercial office, hospitality or multifamily loan relationships considered by the banking regulators to be a high volatility commercial real estate credit (“HVCRE”).

Performance Ratios

Annualized return on average equity was 9.28% for the three months ended September 30, 2024, compared to 8.94% and 9.80% for the three months ended June 30, 2024 and September 30, 2023, respectively. Annualized return on average equity was 9.01% for the nine months ended September 30, 2024 compared to 10.74% for the nine months ended September 30, 2023.

Annualized return on average tangible common equity, a non-GAAP measure, was 10.33% for the three months ended September 30, 2024, compared to 9.93% and 11.07% for the three months ended June 30, 2024 and September 30, 2023, respectively.¹ Annualized return on average tangible common equity, a non-GAAP measure, was 10.01% for the nine months ended September 30, 2024 compared to 12.23% for the nine months ended September 30, 2023.¹

The Corporation’s efficiency ratio was 66.34% for the three months ended September 30, 2024, compared to 65.94% and 67.00% for the three months ended June 30, 2024 and September 30, 2023, respectively. The efficiency ratio on a fully tax-equivalent basis, a non-GAAP measure, was 65.58% for the three months ended September 30, 2024, compared to 65.20% and 66.26% for the three months ended June 30, 2024 and September 30, 2023, respectively.¹ The increase for the three months ended September 30, 2024 compared to the three months ended June 30, 2024 was primarily the result of an increase in incentive compensation related accruals which are based on various components of the Corporation’s financial performance for the year.

The Corporation’s efficiency ratio was 67.10% for the nine months ended September 30, 2024, compared to 64.26% for the nine months ended September 30, 2023. The efficiency ratio on a fully tax-equivalent basis, a non-GAAP ratio, was 66.34% for the nine months ended September 30, 2024, compared to 63.60% the nine months ended September 30, 2023.¹

Revenue

Total revenue (net interest income plus non-interest income) was $58.5 million for the three months ended September 30, 2024, compared to $54.6 million and $55.1 million for the three months ended June 30, 2024 and September 30, 2023, respectively.
- Net interest income was $47.5 million for the three months ended September 30, 2024, compared to $45.7 million and $47.2 million, for the three months ended June 30, 2024 and September 30, 2023, respectively. When comparing the third quarter of 2024 to the second quarter of 2024, the difference in net interest income of $1.8 million, or 3.87% (15.39% annualized), reflected the increase in total loans outstanding quarter over quarter, partially offset by targeted interest-bearing deposit rate increases to ensure both deposit relationship retention and new deposit growth in the Corporation’s markets.
- Net interest margin was 3.43%, 3.36% and 3.55% for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively. Net interest margin on a fully tax-equivalent basis, a non-GAAP measure, was 3.42%, 3.34% and 3.53% for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.¹
  - The yield on earning assets of 5.98% for the three months ended September 30, 2024 increased 9 basis points from June 30, 2024 and increased 35 basis points from September 30, 2023. The increases in yield compared to June 30, 2024 and September 30, 2023 were attributable to the net benefit of higher interest rates on both variable-rate loans and new loan production.
  - The cost of interest-bearing liabilities of 3.21% for the three months ended September 30, 2024 increased 4 basis points from June 30, 2024 and 55 basis points from September 30, 2023 primarily as a result of the Corporation’s targeted interest-bearing deposit rate increases for deposit retention and growth initiatives given the competitive environment resulting from the numerous Federal Reserve rate hikes since the first quarter of 2022.

Total revenue was $167.2 million for the nine months ended September 30, 2024 compared to $166.3 million for the nine months ended September 30, 2023.
- Net interest income was $138.4 million for the nine months ended September 30, 2024 compared to $142.1 million for the nine months ended September 30, 2023. When comparing the nine months ended September 30, 2024 to the nine months ended September 30, 2023, the decrease in net interest income of $3.7 million, or 2.61% (3.49% annualized), was due to loan growth and the benefits of the impact of higher interest rates resulting in greater income on variable-rate loans, coupled with a higher average balance of interest-bearing deposits with the Federal Reserve, being more than offset by an increase in the Corporation’s interest expense as a result of targeted interest-bearing deposit rate increases to ensure both deposit growth and retention.
- Net interest margin was 3.40% and 3.66% for the nine months ended September 30, 2024 and 2023, respectively. Net interest margin on a fully tax-equivalent basis, a non-GAAP measure, was 3.38% and 3.64% for the nine months ended September 30, 2024 and 2023, respectively.¹
  - The yield on earning assets of 5.89% for the nine months ended September 30, 2024 increased 41 basis points from September 30, 2023. The increase in yield compared to September 30, 2023 was attributable to the net benefit of higher interest rates on both variable-rate loans and new loan production.
  - The cost of interest-bearing liabilities of 3.14% for the nine months ended September 30, 2024 increased 80 basis points from September 30, 2023 primarily as a result of the Corporation’s targeted interest-bearing deposit rate increases for deposit retention and growth initiatives given the competitive environment resulting from the numerous Federal Reserve rate hikes since the first quarter of 2022. The Federal Reserve rate decrease announced in mid-September 2024, being only effective for a short period of time in the quarter, had no significant impact on the Corporation’s third quarter results.

Total non-interest income was $11.0 million for the three months ended September 30, 2024 compared to $8.9 million and $7.9 million for the three months ended June 30, 2024 and September 30, 2023, respectively. During the three months ended September 30, 2024, notable changes compared to the three months ended June 30, 2024 included increases in net realized and unrealized gains on equity securities and higher pass-through income from small business investment companies (“SBICs”). The increase in third quarter 2024 noninterest income compared to the three months ended September 30, 2023 was primarily due to higher pass-through income from SBICs and net realized and unrealized gains on equity securities.

Total non-interest income was $28.8 million for the nine months ended September 30, 2024 compared to $24.2 million for the nine months ended September 30, 2023. This increase was primarily due to higher pass-through income from SBICs coupled with an increase in net realized and unrealized gains on equity securities.

Non-Interest Expense

For the three months ended September 30, 2024 total non-interest expense was $38.8 million, compared to $36.0 million and $36.9 million for the three months ended June 30, 2024 and September 30, 2023, respectively. The increase of $2.8 million, or 7.77%, from the three months ended June 30, 2024 was primarily a result of an increase in salaries and benefits, card processing and interchange expenses, and other non-interest expenses. The increase in salaries and benefits resulted primarily from an increase in incentive compensation accruals, which are based on various components of the Corporation’s financial performance for the year, coupled with the timing of profit-sharing accruals. The increase in card processing and interchange expenses related primarily to corporate cardholder rewards program accrual, while the increase in other non-interest expenses was primarily driven by the timing of expenditures and business generation related expenses. The increase in non-interest expense compared to the three months ended September 30, 2023 was primarily attributable to higher salaries and benefits driven by costs for personnel added for new offices in expansion markets, an increase in personnel costs related to annual merit increases, increases in health insurance costs, and contractual renewal increases in the Corporation’s investments in technology applications.

For the nine months ended September 30, 2024 total non-interest expense was $112.2 million, compared to $106.9 million for the nine months ended September 30, 2023. The increase of $5.3 million, or 4.96%, from the nine months ended September 30, 2023 was primarily a result of an increase in salaries and benefits and technology expenses, partially offset by a decrease in card processing and interchange expenses. The increase in salaries and benefits was driven by an increase in personnel costs related to annual merit increases and growth in the Corporation’s staff and new offices in its expansion markets, while the increase in technology was primarily due to year-over-year investments in technology applications aimed at enhancing both customer online banking capabilities, customer call center communications, and in-branch technology delivery channels. The decrease in card processing and interchange expenses related to the changes made by the Corporation to its cardholder rewards program.

Income Taxes

Income tax expense for the three months ended September 30, 2024 was $3.3 million, representing a 19.31% effective tax rate, compared to $3.0 million, representing an 19.03% effective tax rate, for the three months ended June 30, 2024 and $3.4 million, representing a 19.86% effective tax rate, for the three months ended September 30, 2023. Income tax expense for the nine months ended September 30, 2024 was $9.2 million, representing an 18.92% effective tax rate compared to $10.6 million, representing a 19.47% effective tax rate, for the nine months ended September 30, 2023.

Asset Quality

Total nonperforming assets were approximately $42.0 million, or 0.70% of total assets, as of September 30, 2024, compared to $36.5 million, or 0.62% of total assets, as of June 30, 2024, and $29.3 million, or 0.51% of total assets, as of September 30, 2023, as discussed above.

The allowance for credit losses measured as a percentage of total loans was 1.02% as of September 30, 2024 compared to 1.02% as of both June 30, 2024 and September 30, 2023. In addition, the allowance for credit losses as a percentage of nonaccrual loans was 117.03% as of September 30, 2024, compared to 130.88% and 169.34% as of June 30, 2024 and September 30, 2023, respectively. The change in the allowance for credit losses as a percentage of nonaccrual loans was primarily attributable to the levels of nonperforming assets, as discussed above.

The provision for credit losses was $2.4 million for the three months ended September 30, 2024, compared to $2.6 million and $1.1 million for the three months ended June 30, 2024 and September 30, 2023, respectively. The $1.3 million increase in the provision expense for the third quarter of 2024 compared to the third quarter of 2023 was primarily a result of higher loan portfolio growth and increased net loan charge-offs in the third quarter of 2024 compared to the third quarter of 2023.

For the three months ended September 30, 2024, net loan charge-offs were $1.2 million, or 0.11% (annualized) of average total loans and loans held for sale, compared to $2.8 million, or 0.25% (annualized) of average total loans and loans held for sale, during the three months ended June 30, 2024, and $732 thousand, or 0.06% (annualized) of average total loans and loans held for sale, during the three months ended September 30, 2023.

For the nine months ended September 30, 2024, net loan charge-offs were $5.4 million, or 0.16% (annualized) of average total loans and loans held for sale, compared to $2.2 million, or 0.07% (annualized) of average total loans and loans held for sale, during the nine months ended September 30, 2023, with most of the larger year-to-date charge-offs being as previously disclosed occurring in the first and second quarter of 2024.

Capital

As of September 30, 2024, the Corporation’s total shareholders’ equity was $606.4 million, representing an increase of $19.7 million, or 3.35% (13.33% annualized), from June 30, 2024 and an increase of $57.2 million, or 10.41%, from September 30, 2023 primarily due to an increase in the Corporation’s retained earnings (net income, partially offset by the common and preferred stock dividends paid) and a decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the past twelve months. The additions to shareholders equity from retained earnings were partially offset by the Corporation’s repurchase of its common stock, as discussed above.

Regulatory capital ratios for the Corporation continue to exceed regulatory “well-capitalized” levels as of September 30, 2024, consistent with prior periods.

As of September 30, 2024, the Corporation’s ratio of common shareholders’ equity to total assets was 9.12% compared to 8.99% at June 30, 2024 and 8.57% at September 30, 2023. As of September 30, 2024, the Corporation’s ratio of tangible common equity to tangible assets, a non-GAAP measure, was 8.45% compared to 8.30% at June 30, 2024 and 7.86% at September 30, 2023. The increases compared to June 30, 2024 and September 30, 2023 were primarily the result of an increase in retained earnings coupled with a decrease in accumulated other comprehensive loss, as discussed above.¹

About CNB Financial Corporation

CNB Financial Corporation is a financial holding company with consolidated assets of approximately $6.0 billion. CNB Financial Corporation conducts business primarily through its principal subsidiary, CNB Bank. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, two loan production offices, one drive-up office, one mobile office, and 54 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Bank, headquartered in Clearfield, Pennsylvania, with offices in Central and North Central Pennsylvania, serves as the multi-brand parent to various divisions. These divisions include ERIEBANK, based in Erie, Pennsylvania, with offices in Northwest Pennsylvania and Northeast Ohio; FCBank, based in Worthington, Ohio, with offices in Central Ohio; BankOnBuffalo, based in Buffalo, New York, with offices in Western New York; Ridge View Bank, based in Roanoke, Virginia, with offices in the Southwest Virginia region; and Impressia Bank, a division focused on banking opportunities for women, which operates in CNB Bank’s primary market areas. Additional information about CNB Financial Corporation may be found at http://www.CNBBank.bank.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the Corporation’s financial condition, liquidity, results of operations, future performance and business. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Corporation’s control). Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” The Corporation’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Such known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, include, but are not limited to, (i) adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry; (ii) changes in interest rates; the credit risks of lending activities, including our ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs; (iv) effectiveness of our data security controls in the face of cyber attacks and any reputational risks following a cybersecurity incident; (v) changes in general business, industry or economic conditions or competition; (vi) changes in any applicable law, rule, regulation, policy, guideline or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise; (vii) higher than expected costs or other difficulties related to integration of combined or merged businesses; (viii) the effects of business combinations and other acquisition transactions, including the inability to realize our loan and investment portfolios; (ix) changes in the quality or composition of our loan and investment portfolios; (x) adequacy of loan loss reserves; (xi) increased competition; (xii) loss of certain key officers; (xiii) deposit attrition; (xiv) rapidly changing technology; (xv) unanticipated regulatory or judicial proceedings and liabilities and other costs; (xvi) changes in the cost of funds, demand for loan products or demand for financial services; and (xvii) other economic, competitive, governmental or technological factors affecting our operations, markets, products, services and prices. Such developments could have an adverse impact on the Corporation’s financial position and results of operations. For more information about factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of and the forward-looking statement disclaimers in the Corporation’s annual and quarterly reports filed with the Securities and Exchange Commission.

The forward-looking statements are based upon management’s beliefs and assumptions and are made as of the date of this press release. Factors or events that could cause the Corporation’s actual results to differ may emerge from time to time, and it is not possible for the Corporation to predict all of them. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements included in this press release or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise, except to the extent required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur and you should not put undue reliance on any forward-looking statements.

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Income Statement
Interest and fees on loans	$	75,725		$	72,142		$	70,980		$	219,380		$	200,206
Interest and dividends on securities and cash and cash equivalents		7,510			8,510			4,536			22,412			14,279
Interest expense		(35,749	)		(34,935	)		(28,280	)		(103,367	)		(72,353	)
Net interest income		47,486			45,717			47,236			138,425			142,135
Provision for credit losses		2,381			2,591			1,056			6,292			4,751
Net interest income after provision for credit losses		45,105			43,126			46,180			132,133			137,384
Non-interest income
Wealth and asset management fees		2,060			2,007			1,833			5,869			5,567
Service charges on deposit accounts		1,790			1,794			1,861			5,278			5,569
Other service charges and fees		796			712			567			2,203			2,283
Net realized gains (losses) on available-for-sale securities		(9	)		—			—			(9	)		52
Net realized and unrealized gains (losses) on equity securities		656			(80	)		(400	)		767			(930	)
Mortgage banking		197			187			172			580			516
Bank owned life insurance		775			784			754			2,326			2,211
Card processing and interchange income		2,241			2,187			2,098			6,444			6,219
Other non-interest income		2,467			1,274			978			5,335			2,711
Total non-interest income		10,973			8,865			7,863			28,793			24,198
Non-interest expenses
Salaries and benefits		19,572			17,676			17,758			56,035			51,862
Net occupancy expense of premises		3,701			3,580			3,596			10,921			10,790
Technology expense		5,417			5,573			5,232			16,062			14,677
Advertising expense		623			553			840			1,861			2,085
State and local taxes		1,256			1,237			1,028			3,636			3,108
Legal, professional, and examination fees		940			1,119			1,320			3,231			3,167
FDIC insurance premiums		846			1,018			1,027			2,854			2,901
Card processing and interchange expenses		1,193			878			1,207			3,250			4,269
Other non-interest expense		5,236			4,355			4,906			14,347			14,033
Total non-interest expenses		38,784			35,989			36,914			112,197			106,892
Income before income taxes		17,294			16,002			17,129			48,729			54,690
Income tax expense		3,340			3,045			3,402			9,218			10,647
Net income		13,954			12,957			13,727			39,511			44,043
Preferred stock dividends		1,076			1,075			1,076			3,226			3,226
Net income available to common shareholders	$	12,878		$	11,882		$	12,651		$	36,285		$	40,817

Ending shares outstanding		20,994,730			20,998,117			20,895,634			20,994,730			20,895,634
Average diluted common shares outstanding		20,911,862			20,893,396			20,899,744			20,895,538			20,979,032
Diluted earnings per common share	$	0.61		$	0.56		$	0.60		$	1.72		$	1.94
Cash dividends per common share	$	0.180		$	0.175		$	0.175		$	0.530		$	0.525
Dividend payout ratio		30	%		31	%		29	%		31	%		27	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Average Balances
Total loans and loans held for sale	$	4,536,702		$	4,441,633		$	4,485,017		$	4,469,321		$	4,373,648
Investment securities		722,577			734,087			749,352			729,273			771,457
Total earning assets		5,503,832			5,465,645			5,273,758			5,440,145			5,194,485
Total assets		5,907,115			5,854,978			5,647,491			5,831,002			5,561,649
Noninterest-bearing deposits		795,771			761,270			792,193			764,770			805,513
Interest-bearing deposits		4,319,606			4,321,678			4,109,360			4,290,247			3,976,820
Shareholders’ equity		597,984			583,221			555,464			586,017			548,034
Tangible common shareholders’ equity (non-GAAP) ⁽¹⁾		496,091			481,309			453,493			484,105			446,048

Average Yields (annualized)
Total loans and loans held for sale		6.66	%		6.55	%		6.30	%		6.57	%		6.14	%
Investment securities		2.19	%		2.14	%		1.96	%		2.11	%		1.96	%
Total earning assets		5.98	%		5.89	%		5.63	%		5.89	%		5.48	%
Interest-bearing deposits		3.19	%		3.15	%		2.62	%		3.11	%		2.27	%
Interest-bearing liabilities		3.21	%		3.17	%		2.66	%		3.14	%		2.34	%

Performance Ratios (annualized)
Return on average assets		0.94	%		0.89	%		0.96	%		0.91	%		1.06	%
Return on average equity		9.28	%		8.94	%		9.80	%		9.01	%		10.74	%
Return on average tangible common equity (non-GAAP) ⁽¹⁾		10.33	%		9.93	%		11.07	%		10.01	%		12.23	%
Net interest margin, fully tax equivalent basis (non-GAAP) ⁽¹⁾		3.42	%		3.34	%		3.53	%		3.38	%		3.64	%
Efficiency Ratio, fully tax equivalent basis (non-GAAP) ⁽¹⁾		65.58	%		65.20	%		66.26	%		66.34	%		63.60	%

Net Loan Charge-Offs
CNB Bank net loan charge-offs	$	837		$	2,348		$	381		$	4,063		$	955
Holiday Financial net loan charge-offs		383			456			351			1,305			1,252
Total Corporation net loan charge-offs	$	1,220		$	2,804		$	732		$	5,368		$	2,207
Annualized net loan charge-offs / average total loans and loans held for sale		0.11	%		0.25	%		0.06	%		0.16	%		0.07	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	September 30, 2024			June 30, 2024			September 30, 2023
Ending Balance Sheet
Cash and due from banks	$	75,214		$	56,031		$	61,529
Interest-bearing deposits with Federal Reserve		281,972			271,943			117,632
Interest-bearing deposits with other financial institutions		3,723			3,171			3,424
Total cash and cash equivalents		360,909			331,145			182,585
Debt securities available-for-sale, at fair value		378,965			359,900			335,122
Debt securities held-to-maturity, at amortized cost		328,152			354,569			391,301
Equity securities		10,389			9,654			8,948
Loans held for sale		768			642			464
Loans receivable
Syndicated loans		69,470			53,938			123,090
Loans		4,522,438			4,425,754			4,369,084
Total loans receivable		4,591,908			4,479,692			4,492,174
Less: allowance for credit losses		(46,644	)		(45,532	)		(45,832	)
Net loans receivable		4,545,264			4,434,160			4,446,342
Goodwill and other intangibles		43,874			43,874			43,874
Core deposit intangible		223			241			299
Other assets		346,300			352,386			322,973
Total Assets	$	6,014,844		$	5,886,571		$	5,731,908

Noninterest-bearing demand deposits	$	841,292		$	762,918		$	782,996
Interest-bearing demand deposits		681,056			693,074			781,309
Savings		3,040,769			3,140,505			2,883,736
Certificates of deposit		653,832			514,348			554,740
Total deposits		5,216,949			5,110,845			5,002,781
Subordinated debentures		20,620			20,620			20,620
Subordinated notes, net of issuance costs		84,495			84,419			84,191
Other liabilities		86,417			83,987			75,104
Total liabilities		5,408,481			5,299,871			5,182,696
Common stock		—			—			—
Preferred stock		57,785			57,785			57,785
Additional paid in capital		219,304			218,756			220,100
Retained earnings		371,086			361,987			336,690
Treasury stock		(4,516	)		(4,438	)		(6,862	)
Accumulated other comprehensive loss		(37,296	)		(47,390	)		(58,501	)
Total shareholders’ equity		606,363			586,700			549,212
Total liabilities and shareholders’ equity	$	6,014,844		$	5,886,571		$	5,731,908

Book value per common share	$	26.13		$	25.19		$	23.52
Tangible book value per common share (non-GAAP) ⁽¹⁾	$	24.03		$	23.09		$	21.40

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	September 30, 2024			June 30, 2024			September 30, 2023
Capital Ratios
Tangible common equity / tangible assets (non-GAAP) ⁽¹⁾		8.45	%		8.30	%		7.86	%
Tier 1 leverage ratio ⁽²⁾		10.59	%		10.56	%		10.50	%
Common equity tier 1 ratio ⁽²⁾		11.64	%		11.71	%		11.21	%
Tier 1 risk-based ratio ⁽²⁾		13.30	%		13.41	%		12.92	%
Total risk-based ratio ⁽²⁾		16.06	%		16.20	%		15.68	%

Asset Quality Detail
Nonaccrual loans	$	39,855		$	34,788		$	27,065
Loans 90+ days past due and accruing		666			112			231
Total nonperforming loans		40,521			34,900			27,296
Other real estate owned		1,514			1,641			2,039
Total nonperforming assets	$	42,035		$	36,541		$	29,335

Asset Quality Ratios
Nonperforming assets / Total loans + OREO		0.92	%		0.82	%		0.65	%
Nonperforming assets / Total assets		0.70	%		0.62	%		0.51	%
Ratio of allowance for credit losses on loans to nonaccrual loans		117.03	%		130.88	%		169.34	%
Allowance for credit losses / Total loans		1.02	%		1.02	%		1.02	%


Consolidated Financial Data Notes:
⁽¹⁾ Management uses non-GAAP financial information in its analysis of the Corporation’s performance. Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Corporation’s management believes that investors may use these non-GAAP measures to analyze the Corporation’s financial performance without the impact of unusual items or events that may obscure trends in the Corporation’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).
⁽²⁾ Capital ratios as of September 30, 2024 are estimated pending final regulatory filings.

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	Average Balances, Income and Interest Rates on a Taxable Equivalent Basis
	Three Months Ended,
	September 30, 2024							June 30, 2024							September 30, 2023
	Average Balance			Annual Rate		Interest Inc./Exp.		Average Balance			Annual Rate		Interest Inc./Exp.		Average Balance			Annual Rate		Interest Inc./Exp.
ASSETS:
Securities:
Taxable ^{(1) (4)}	$	690,098		2.14	%	$	3,980	$	702,036		2.09	%	$	3,941	$	711,299		1.89	%	$	3,674
Tax-exempt ^{(1) (2) (4)}		25,368		2.57			178		25,088		2.59			178		29,455		2.55			204
Equity securities ^{(1) (2)}		7,111		5.71			102		6,963		5.72			99		8,598		5.58			121
Total securities ⁽⁴⁾		722,577		2.19			4,260		734,087		2.14			4,218		749,352		1.96			3,999
Loans receivable:
Commercial ^{(2) (3)}		1,457,192		7.02			25,708		1,416,476		6.85			24,133		1,516,942		6.72			25,693
Mortgage and loans held for sale ^{(2) (3)}		2,947,787		6.25			46,278		2,897,473		6.15			44,331		2,834,576		5.83			41,618
Consumer ⁽³⁾		131,723		11.93			3,950		127,684		12.17			3,863		133,499		11.51			3,874
Total loans receivable ⁽³⁾		4,536,702		6.66			75,936		4,441,633		6.55			72,327		4,485,017		6.30			71,185
Interest-bearing deposits with the Federal Reserve and other financial institutions		244,553		5.33			3,279		289,925		5.99			4,321		39,389		5.78			574
Total earning assets		5,503,832		5.98		$	83,475		5,465,645		5.89		$	80,866		5,273,758		5.63		$	75,758
Noninterest-bearing assets:
Cash and due from banks		58,472							53,710							55,502
Premises and equipment		118,404							112,386							109,854
Other assets		272,377							268,930							254,106
Allowance for credit losses		(45,970	)						(45,693	)						(45,729	)
Total non interest-bearing assets		403,283							389,333							373,733
TOTAL ASSETS	$	5,907,115						$	5,854,978						$	5,647,491
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Demand—interest-bearing	$	682,690		0.86	%	$	1,477	$	713,431		0.76	%	$	1,342	$	813,264		0.52	%	$	1,061
Savings		3,076,351		3.55			27,461		3,097,598		3.57			27,464		2,788,499		3.13			22,004
Time		560,565		4.03			5,684		510,649		3.93			4,988		507,597		3.16			4,048
Total interest-bearing deposits		4,319,606		3.19			34,622		4,321,678		3.15			33,794		4,109,360		2.62			27,113
Short-term borrowings		—		0.00			—		—		0.00			—		6,101		5.66			87
Finance lease liabilities		236		5.06			3		259		4.66			3		328		4.84			4
Subordinated notes and debentures		105,077		4.26			1,124		105,001		4.36			1,138		104,773		4.07			1,076
Total interest-bearing liabilities		4,424,919		3.21		$	35,749		4,426,938		3.17		$	34,935		4,220,562		2.66		$	28,280
Demand—noninterest-bearing		795,771							761,270							792,193
Other liabilities		88,441							83,549							79,272
Total Liabilities		5,309,131							5,271,757							5,092,027
Shareholders’ equity		597,984							583,221							555,464
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	5,907,115						$	5,854,978						$	5,647,491
Interest income/Earning assets				5.98	%	$	83,475				5.89	%	$	80,866				5.63	%	$	75,758
Interest expense/Interest-bearing liabilities				3.21			35,749				3.17			34,935				2.66			28,280
Net interest spread				2.77	%	$	47,726				2.72	%	$	45,931				2.97	%	$	47,478
Interest income/Earning assets				5.98	%		83,475				5.89	%		80,866				5.63	%		75,758
Interest expense/Earning assets				2.56			35,749				2.55			34,935				2.10			28,280
Net interest margin (fully tax-equivalent)				3.42	%	$	47,726				3.34	%	$	45,931				3.53	%	$	47,478

^{_____________________________________________ (1)} Includes unamortized discounts and premiums. ⁽²⁾ Average yields are stated on a fully taxable equivalent basis (calculated using statutory rates of 21%) resulting from tax-free municipal securities in the investment portfolio and tax-free municipal loans in the commercial loan portfolio. The taxable equivalent adjustment to net interest income for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023 was $240 thousand, $214 thousand and $242 thousand, respectively. ⁽³⁾ Average loans receivable outstanding includes the average balance outstanding of all nonaccrual loans. Loans receivable consist of the average of total loans receivable less average unearned income. In addition, loans receivable interest income consists of loans receivable fees, including PPP deferred processing fees. ⁽⁴⁾ Average balance is computed using the fair value of AFS securities and amortized cost of HTM securities. Average yield has been computed using amortized cost average balance for AFS and HTM securities. The adjustment to the average balance for securities in the calculation of average yield for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023 was $(51.1) million, $(59.2) million and $(61.1) million, respectively.

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	Average Balances, Income and Interest Rates on a Taxable Equivalent Basis
	Nine Months Ended,
	September 30, 2024							September 30, 2023
	Average Balance			Annual Rate		Interest Inc./Exp.		Average Balance			Annual Rate		Interest Inc./Exp.
ASSETS:
Securities:
Taxable ^{(1) (4)}	$	696,259		2.06	%	$	11,572	$	729,787		1.89	%	$	11,140
Tax-exempt ^{(1) (2) (4)}		26,063		2.58			547		31,025		2.60			646
Equity securities ^{(1) (2)}		6,951		5.69			296		10,645		4.97			396
Total securities ⁽⁴⁾		729,273		2.11			12,415		771,457		1.96			12,182
Loans receivable:
Commercial ^{(2) (3)}		1,434,545		6.92			74,360		1,512,575		6.49			73,423
Mortgage and loans held for sale ^{(2) (3)}		2,905,301		6.16			134,012		2,733,423		5.70			116,439
Consumer ⁽³⁾		129,475		11.96			11,591		127,650		11.50			10,978
Total loans receivable ⁽³⁾		4,469,321		6.57			219,963		4,373,648		6.14			200,840
Interest-bearing deposits with the Federal Reserve and other financial institutions		241,551		5.58			10,085		49,380		6.01			2,221
Total earning assets		5,440,145		5.89		$	242,463		5,194,485		5.48		$	215,243
Noninterest-bearing assets:
Cash and due from banks		55,243							54,494
Premises and equipment		113,629							107,016
Other assets		267,797							250,210
Allowance for credit losses		(45,812	)						(44,556	)
Total non interest-bearing assets		390,857							367,164
TOTAL ASSETS	$	5,831,002						$	5,561,649
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Demand—interest-bearing	$	711,911		0.75	%	$	4,014	$	878,955		0.54	%	$	3,545
Savings		3,046,518		3.53			80,536		2,581,604		2.75			53,070
Time		531,818		3.87			15,414		516,261		2.79			10,775
Total interest-bearing deposits		4,290,247		3.11			99,964		3,976,820		2.27			67,390
Short-term borrowings		—		0.00			—		47,094		5.07			1,787
Finance lease liabilities		259		4.64			9		350		4.58			12
Subordinated notes and debentures		105,001		4.32			3,394		104,698		4.04			3,164
Total interest-bearing liabilities		4,395,507		3.14		$	103,367		4,128,962		2.34		$	72,353
Demand—noninterest-bearing		764,770							805,513
Other liabilities		84,708							79,140
Total Liabilities		5,244,985							5,013,615
Shareholders’ equity		586,017							548,034
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	5,831,002						$	5,561,649
Interest income/Earning assets				5.89	%	$	242,463				5.48	%	$	215,243
Interest expense/Interest-bearing liabilities				3.14			103,367				2.34			72,353
Net interest spread				2.75	%	$	139,096				3.14	%	$	142,890
Interest income/Earning assets				5.89	%		242,463				5.48	%		215,243
Interest expense/Earning assets				2.51			103,367				1.84			72,353
Net interest margin (fully tax-equivalent)				3.38	%	$	139,096				3.64	%	$	142,890

^{_____________________________________________ (1)} Includes unamortized discounts and premiums. ⁽²⁾ Average yields are stated on a fully taxable equivalent basis (calculated using statutory rates of 21%) resulting from tax-free municipal securities in the investment portfolio and tax-free municipal loans in the commercial loan portfolio. The taxable equivalent adjustment to net interest income for the nine months ended September 30, 2024 and 2023, was $671 thousand and $755 thousand, respectively. ⁽³⁾ Average loans receivable outstanding includes the average balance outstanding of all nonaccrual loans. Loans receivable consist of the average of total loans receivable less average unearned income. In addition, loans receivable interest income consists of loans receivable fees, including PPP deferred processing fees. ⁽⁴⁾ Average balance is computed using the fair value of AFS securities and amortized cost of HTM securities. Average yield has been computed using amortized cost average balance for AFS and HTM securities. The adjustment to the average balance for securities in the calculation of average yield for the nine months ended September 30, 2024 and 2023 was $(55.1) million and $(58.6) million, respectively.

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	September 30, 2024			June 30, 2024			September 30, 2023
Calculation of tangible book value per common share and tangible common equity / tangible assets (non-GAAP):
Shareholders’ equity	$	606,363		$	586,700		$	549,212
Less: preferred equity		57,785			57,785			57,785
Common shareholders’ equity		548,578			528,915			491,427
Less: goodwill and other intangibles		43,874			43,874			43,874
Less: core deposit intangible		223			241			299
Tangible common equity (non-GAAP)	$	504,481		$	484,800		$	447,254

Total assets	$	6,014,844		$	5,886,571		$	5,731,908
Less: goodwill and other intangibles		43,874			43,874			43,874
Less: core deposit intangible		223			241			299
Tangible assets (non-GAAP)	$	5,970,747		$	5,842,456		$	5,687,735

Ending shares outstanding		20,994,730			20,998,117			20,895,634

Book value per common share (GAAP)	$	26.13		$	25.19		$	23.52
Tangible book value per common share (non-GAAP)	$	24.03		$	23.09		$	21.40

Common shareholders’ equity / Total assets (GAAP)		9.12	%		8.99	%		8.57	%
Tangible common equity / Tangible assets (non-GAAP)		8.45	%		8.30	%		7.86	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Calculation of net interest margin:
Interest income	$	83,235		$	80,652		$	75,516		$	241,792		$	214,488
Interest expense		35,749			34,935			28,280			103,367			72,353
Net interest income	$	47,486		$	45,717		$	47,236		$	138,425		$	142,135

Average total earning assets	$	5,503,832		$	5,465,645		$	5,273,758		$	5,440,145		$	5,194,485

Net interest margin (GAAP) (annualized)		3.43	%		3.36	%		3.55	%		3.40	%		3.66	%

Calculation of net interest margin (fully tax equivalent basis) (non-GAAP):
Interest income	$	83,235		$	80,652		$	75,516		$	241,792		$	214,488
Tax equivalent adjustment (non-GAAP)		240			214			242			671			755
Adjusted interest income (fully tax equivalent basis) (non-GAAP)		83,475			80,866			75,758			242,463			215,243
Interest expense		35,749			34,935			28,280			103,367			72,353
Net interest income (fully tax equivalent basis) (non-GAAP)	$	47,726		$	45,931		$	47,478		$	139,096		$	142,890

Average total earning assets	$	5,503,832		$	5,465,645		$	5,273,758		$	5,440,145		$	5,194,485
Less: average mark to market adjustment on investments (non-GAAP)		(51,075	)		(59,225	)		(61,103	)		(55,134	)		(58,577	)
Adjusted average total earning assets, net of mark to market (non-GAAP)	$	5,554,907		$	5,524,870		$	5,334,861		$	5,495,279		$	5,253,062

Net interest margin, fully tax equivalent basis (non-GAAP) (annualized)		3.42	%		3.34	%		3.53	%		3.38	%		3.64	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended						Nine Months Ended
	September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Calculation of PPNR (non-GAAP): ⁽¹⁾
Net interest income	$	47,486	$	45,717	$	47,236	$	138,425	$	142,135
Add: Non-interest income		10,973		8,865		7,863		28,793		24,198
Less: Non-interest expense		38,784		35,989		36,914		112,197		106,892
PPNR (non-GAAP)	$	19,675	$	18,593	$	18,185	$	55,021	$	59,441

⁽¹⁾ Management believes that this is an important metric as it illustrates the underlying performance of the Corporation, it enables investors and others to assess the Corporation’s ability to generate capital to cover credit losses through the credit cycle and provides consistent reporting with a key metric used by bank regulatory agencies.

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Calculation of efficiency ratio:
Non-interest expense	$	38,784		$	35,989		$	36,914		$	112,197		$	106,892

Non-interest income	$	10,973		$	8,865		$	7,863		$	28,793		$	24,198
Net interest income		47,486			45,717			47,236			138,425			142,135
Total revenue	$	58,459		$	54,582		$	55,099		$	167,218		$	166,333
Efficiency ratio		66.34	%		65.94	%		67.00	%		67.10	%		64.26	%

Calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP):
Non-interest expense	$	38,784		$	35,989		$	36,914		$	112,197		$	106,892
Less: core deposit intangible amortization		18			19			20			57			65
Adjusted non-interest expense (non-GAAP)	$	38,766		$	35,970		$	36,894		$	112,140		$	106,827

Non-interest income	$	10,973		$	8,865		$	7,863		$	28,793		$	24,198

Net interest income	$	47,486		$	45,717		$	47,236		$	138,425		$	142,135
Less: tax exempt investment and loan income, net of TEFRA (non-GAAP)		1,473			1,318			1,376			4,127			4,043
Add: tax exempt investment and loan income (fully tax equivalent basis) (non-GAAP)		2,123			1,902			1,955			5,957			5,668
Adjusted net interest income (fully tax equivalent basis) (non-GAAP)		48,136			46,301			47,815			140,255			143,760
Adjusted net revenue (fully tax equivalent basis) (non-GAAP)	$	59,109		$	55,166		$	55,678		$	169,048		$	167,958

Efficiency ratio (fully tax equivalent basis) (non-GAAP)		65.58	%		65.20	%		66.26	%		66.34	%		63.60	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Calculation of return on average tangible common equity (non-GAAP):
Net income	$	13,954		$	12,957		$	13,727		$	39,511		$	44,043
Less: preferred stock dividends		1,076			1,075			1,076			3,226			3,226
Net income available to common shareholders	$	12,878		$	11,882		$	12,651		$	36,285		$	40,817

Average shareholders’ equity	$	597,984		$	583,221		$	555,464		$	586,017		$	548,034
Less: average goodwill & intangibles		44,108			44,127			44,186			44,127			44,201
Less: average preferred equity		57,785			57,785			57,785			57,785			57,785
Tangible common shareholders’ equity (non-GAAP)	$	496,091		$	481,309		$	453,493		$	484,105		$	446,048

Return on average equity (GAAP) (annualized)		9.28	%		8.94	%		9.80	%		9.01	%		10.74	%
Return on average common equity (GAAP) (annualized)		9.48	%		9.10	%		10.09	%		9.18	%		11.13	%
Return on average tangible common equity (non-GAAP) (annualized)		10.33	%		9.93	%		11.07	%		10.01	%		12.23	%

MIL-OSI Economics: ACP Statement on BOEM’s Completion of Environmental Reviews for New York Bight Offshore Wind Lease Areas

Source: American Clean Power Association (ACP)

Headline: ACP Statement on BOEM’s Completion of Environmental Reviews for New York Bight Offshore Wind Lease Areas

WASHINGTON D.C., October 21, 2024 – The American Clean Power Association (ACP) released the following statement from Anne Reynolds, ACP Vice President for Offshore Wind, after the Bureau of Ocean Energy Management (BOEM) finalized a comprehensive environmental review to evaluate potential wind development activities across six lease areas encompassing more than 488,000 acres in the New York Bight, located offshore New York and New Jersey. BOEM estimates that fully developing these lease areas could produce up to 7 gigawatts of offshore wind energy, which would be enough energy to power approximately two million homes:
“The six lease areas off the coasts of New Jersey and New York will host the next tranche of offshore wind power projects to meet the increasing demand for electricity on the East Coast. This environmental review of the entire lease area is a vital step in establishing a more standardized and efficient permitting process. It reflects extensive outreach and input from diverse stakeholders, including tribal, community members and other ocean users, ensuring that a wide range of perspectives have been considered. We commend BOEM for their dedication and thorough environmental reviews, and we look forward to future project-specific reviews building on this important work.”

MIL OSI Economics –

MIL-OSI USA: Visit a Disaster Recovery Center in Virginia

Source: US Federal Emergency Management Agency

Headline: Visit a Disaster Recovery Center in Virginia

Visit a Disaster Recovery Center in Virginia

BRISTOL, Va.—If you were affected by Tropical Storm Helene, visit a Disaster Recovery Center (DRC) to apply for assistance and learn about resources from FEMA, the Small Business Administration, the commonwealth of Virginia, and other organizations to aid you in your recovery.

What is a DRC?

A DRC, or Disaster Recovery Center, is an accessible facility that you can visit in person to learn more about FEMA and other agencies providing disaster assistance in Virginia. Residents, property owners, business owners and farmers can go to a DRC to apply for assistance and obtain resources.

This video provides an overview about what you can expect when you visit a DRC: Disaster Recovery Center (DRC): Your Resource After a Hurricane (youtube.com).

What can I get help with?

At a Disaster Recovery Center you can get one-on-one help with staff from the organizations present. FEMA staff at DRCs are happy to spend time with you to explain the types of assistance offered and help you apply.

The specialists at a DRC can help you:

Apply for disaster grants from FEMA.
Submit additional documents for your application.
Understand and respond to a letter from FEMA.
Apply for low-interest disaster loans for individuals and businesses with the Small Business Administration (SBA).
Find resources about agricultural recovery and assistance for farmers.
Learn how to replace damaged documents like proof of address or birth certificates.
Get connected to commonwealth of Virginia resources.
Obtain information on the National Flood Insurance Program (NFIP) and how to mitigate against future losses.
Find other sources of assistance, like nonprofit help.

Who is at a DRC?

Every Disaster Recovery Center is a little different, based on the local community’s needs.

All DRCs will have FEMA staff, trained in the Individual Assistance program, available to answer questions about the FEMA disaster assistance application process. FEMA hazard mitigation staff are also available to speak to survivors who want to learn about ways to make their properties safer from floods and build back better. All DRCs have staff from the Small Business Administration.

DRCs will have representatives from the commonwealth of Virginia, though the specific agencies will differ from location to location. If you need help from a specific agency, you can still come to a DRC where staff can share information and get you in touch with the agency you need.

DRCs may have representatives from nonprofit organizations as well as other local agencies.

What should I bring?

You do not need to bring anything to visit a DRC – just yourself. However, depending on the help you are looking for, it can be helpful to prepare ahead of time.

Applying for Assistance: If you are starting or resuming an application for assistance, you should bring the following with you:

Insurance information, if available
The address and zip code of your disaster-damaged home
Condition of your damaged home
Social Security number
Phone number, address, and email (if you have one) where you can be contacted
Bank account information, if you would like to set up direct deposit

For examples of these documents and a more detailed application checklist, see the application checklist on DisasterAssistance.gov.

If you have questions about a FEMA determination letter it will be helpful if you bring the letter and any documents requested in the letter. If you have a FEMA ID number, write that down and bring it with you. If you don’t have it, staff can ask you other questions to access your application information.

What should I expect?

DRCs are accessible to all, including survivors who are Deaf and Hard of Hearing.

Every DRC is laid out differently to make best use of the space. You can watch a quick video that walks through a DRC in New York from 2021.

DRCs will always have signs out front, indicating where to enter.

Once you walk in the front doors, you will be greeted, and you will sign in. All DRCs have security guards present at the entrance. You may have to wait for a few moments for the specialist you need to be available. If so, you can sit down in designated chairs or a waiting area. Most of the time, you will not need to wait and will be helped immediately.

As soon as a specialist is available, they will work with you personally to help answer your questions, help you register for assistance or understand your documents, connect you with available resources, and more.

Where do I find a DRC near me?

As of Oct. 21, there are six DRCs open across southwest Virginia. New DRCs will continue to open over the coming weeks. To find a DRC near you, including addresses and hours, go to FEMA.gov/drc or text DRC and a ZIP code to 43362.

FEMA has set up a rumor response webpage to clarify our role in the Helene response. Visit Hurricane Helene: Rumor Response | FEMA.gov.

For more information on Virginia’s disaster recovery, visit vaemergency.gov, the Virginia Department of Emergency Management Facebook page , fema.gov/disaster/4831 and facebook.com/FEMA.

###

FEMA’s mission is helping people before, during, and after disasters. FEMA Region 3’s jurisdiction includes Delaware, the District of Columbia, Maryland, Pennsylvania, Virginia and West Virginia. Follow us on X at x.com/FEMAregion3 and on LinkedIn at linkedin.com/company/femaregion3.

To apply for FEMA assistance, please call the FEMA Helpline at 1-800-621-3362, visit https://www.disasterassistance.gov/, or download and apply on the FEMA App. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service. Multilingual operators are available (press 2 for Spanish and 3 for other languages). Disaster recovery assistance is available without regard to race, color, religion, nationality, sex, age, disability, English proficiency, or economic status.

connor.dacey
Mon, 10/21/2024 – 21:06

MIL-OSI USA: Remarks by Vice President Harris and Liz Cheney at a Campaign Event | Malvern, PA

US Senate News:

Source: The White House
People’s LightMalvern, Pennsylvania
11:54 A.M. EDT
     THE VICE PRESIDENT: Let’s get to it.
     MS. LONGWELL: Let’s do it. Let’s do it.
     THE VICE PRESIDENT: Good morning, everyone.
     AUDIENCE: Good morning.
     AUDIENCE MEMBER: Happy birthday!
     MS. LONGWELL: Oh, happy belated birthday. (Applause.) Oh, yeah.
THE VICE PRESIDENT: Thank you. Thank you. I appreciate that. Thank you.
     MS. LONGWELL: Audience members showing me up — that’s tough. (Laughter.)
Okay. So, I’ve got to start with the thing that brings us here today, because I’ve got to say it is unusual for somebody who was as high up in the Republican leadership as Liz Cheney was to be out here campaigning with the Democratic nominee for president.
And so, maybe — why don’t both of you tell us, but you start: You’ve actually marshaled unprecedented support from Republicans in this election. Why do you think that is?
THE VICE PRESIDENT: Thank you, Sarah. Thank you for being here and for your work. And the congresswoman, thank you.
I — I have said before and it must be repeated each time: There are moments in the history of our country which challenge us, each of us, to really decide do we stand for those things that we talk about, including, in particular, country over party. And you have been extraordinarily courageous in the way that you have done that. And I thank you for that. (Applause.)
So, you know, I have in my career now — whether it was as the elected district attorney, elected attorney general, and then elected United States senator, and, of course, now vice president — I’ve counted that I have taken the oath of office six times. And for the elected leaders here, we know it is an oath that one must take sincerely and unequivocally, which is an oath, among other things, to support and defend the Constitution of the United States and to understand what those principles represent and what they require of the individual who holds the office and the public trust.
And let’s not undervalue that point as well. It is not about the individual. It is not about what is in their personal interests. It is about what is for and in the spirit of the public good.
And this is a moment in this election that presents a real contrast among how I, as one of the two nominees, and my opponent, the former president, think of that duty. And it is a duty, by the way. There are certain things in our lives that we have the choice if we feel like it — (laughter) — and then there are certain things that are just fundamentally a duty, like to raise our children. Things of that nature. It is a duty to take seriously that oath and do it for the sake of the public good and in the public trust.
And I think that at this moment, with the choice that the American people have in this election in — in two weeks and one day, this election is presenting — for the first time, probably, in certainly recent history — a very clear choice and difference between the two nominees. And I think that is what, as much as anything, is bringing us, as Americans, together, who are understanding that we cannot, with such fundamental stakes being presented, afford to be mired in ideological differences without really staking our claim to the most fundamental ideals upon which our country stands.
MS. LONGWELL: Thank you. And, you know, Congresswoman Cheney, it’s a — sort of the same question to you. But I got to ask: You know, it’s one thing for Republicans to sign a letter. You know, we’ve seen that she has — Vice President Harris has been endorsed by 200 Republicans in the national security space, all kinds of people from George W. Bush’s administration. There’s been a lot of people — they’ll sign letters and maybe they’ll go on T.V., they’ll release a statement. I was just with Republican Congressman Charlie Dent — former Republican congressman here from the state. He voted for you in his early voting.
But you are out here campaigning. You are out here holding events. So, talk about why it’s been so important to you to be as involved as you are in getting Vice President Harris elected.
MS. CHENEY: Well, thank you so much, Sarah, for the question. And — and it’s an honor to be here today with you, Madam Vice President.
     You know — (applause) —
THE VICE PRESIDENT: Thank you.
MS. CHENEY: — for me, every — every single thing in — in my experience and in my background has — has played a part in my decision to endorse Vice President Harris.
And, you know, that — that begins with the fact that I’m a conservative, and I know that the most conservative of all conservative principles is being faithful to the Constitution. And you have to choose, in this race, between someone who has been faithful to the Constitution, who will be faithful, and Donald Trump, who it’s not just us predicting how he will act. We watched what he did after the last election. We watched what he did on January 6th.
And so, coming to this as someone who’s been a lifelong Republican, a lifelong conservative, also as someone who spent — I spent time working overseas before I was elected to Congress, and I’ve — I’ve spent time working in countries where people aren’t free and where people are struggling for their freedom, and I know how — how quickly democracies can unravel.
And I know that, as Americans, we can become accustomed to thinking, “Well, we don’t have to worry about that here.” But I tell you, again, as someone who has seen firsthand how quickly it can happen, that that is what’s on the ballot. That’s absolutely what’s on the ballot.
I also — I come to this decision as a mother. I have five children. And there was a moment right after January 6th when my husband and I were having dinner with our two youngest, our two sons, and I looked across the table at my — my young sons, and I thought to myself, “You know, in the aftermath of the attack on the Capitol, are they going to grow up in a country where we don’t have to worry about the peaceful transfer of power? Are they going to grow up in a country where that is guaranteed?”
And — and I believe that every one of us in this election has a duty and an obligation to do what we know is right for the country, and that’s to support Vice President Harris. So, I’m very honored to be here and to do that. (Applause.)
     THE VICE PRESIDENT: Thank you.
You know, if I can just echo the congresswoman’s point. So, I’ve now, as vice president, met over 150 world leaders — presidents, prime ministers, chancellors, and kings — many of them multiple times, to the point we’re on a first-name basis. And the last few times that I’ve seen them in the relative eve of this election, they are very concerned, our allies. Because, as you know, when we walk in those rooms around the world representing the United States of America, we have traditionally been able to walk in those rooms chin up, shoulders back, with the self-appointed and earned authority to talk about the importance of democracies and rule of law.
But as all the role models here know, as a role model, people watch what you do to see if it lines up with what you say. People around the world are watching this.
And I — I tell you, sometimes I do fret a bit about whether we, as Americans, truly understand how important we are to the world. I hope everyone does really understand that we represent something — imperfect though we certainly are; flawed though we may be — we represent, in terms of our ideals, the — the basis of our Constitution, we represent a gold standard.
And when we have someone who has been president, who wants to be president again, who is saying he would be dictator on day one, would weaponize our Department of Justice — one of the principles of our democracy is that we say we have a justice system that is blind, that is not punitive against one’s enemies, they are watching.
So, this is about direct impact on the American people, and it most certainly will impact people around the world.
MS. LONGWELL: You know, I’m so glad you brought that up. And I — I — as a follow-up, I would just ask Congressman Cheney too. We live in a dangerous time. I mean, I think Americans are watching what’s happening overseas in Ukraine, in Israel. Republicans — we used to be the party that would be on the side of our democratic allies like Ukraine.
Talk to me a little bit and all of us about why, from a foreign policy standpoint, you find yourself able to endorse Democrats, who w- — wouldn’t — it didn’t used to be that way.
MS. CHENEY: Well, it — it’s not just able to endorse them. But — but if you look at the numbers of the most senior officials who served Donald Trump — his own vice president; national security advisors; his chief of staff; you know, the — the leading generals who served him — who’ve all said he’s unfit, and people really need to stop and think about how completely unprecedented that is.
And the — the idea — when people sort of say, “Well, we might, you know, be tempted, for some reason or another, to vote for Donald Trump” — if the issue is foreign policy, I would just ask everyone: Think about how dangerous and damaging it is to have someone who’s totally erratic — totally erratic, completely unstable — someone who has aligned himself with, who idolizes tyrants. He idolizes tyrants.
You know, the — the — again, the choice here, with respect to national security policy, is a man who has proven — he has absolutely proven that he will not stand up, he won’t defend this nation with respect to our own Constitution and rule of law, and Vice President Harris, who has been clear in terms of support for Ukraine, in terms of recognizing and understanding across the board that America cannot maintain our own freedom and security if we walk away from our allies around the world.
And our adversaries know that they can play Donald Trump. They absolutely know that they can play him. And we simply can’t afford to take that risk.
So, as someone who has spent a career on national security issues — again, this was not at all a difficult choice for me — the — the choice here is absolutely clear in terms of the necessity of supporting Vice President Harris.
THE VICE PRESIDENT: And — and if I may emphasize, part of the backbone of our national security is our military. And let’s please not overlook how someone who wants to be commander in chief and was has talked about our servicemen and women; has talked about an American hero like John McCain, who was a prisoner of war — said he didn’t respect him, didn’t like him because he got caught; has talked about our service members as — as though they are less than the most courageous of us.
Those who put on the uniform, who represent the United States of America, who are willing to die for the sake of everything we stand for, and he calls them “suckers” and “losers.” These things cannot be overlooked.
And — and I have said many times publicly, and I’ll say it again: In many, many ways, Donald Trump is an unserious man, but the consequences of him being president of the United States are brutally serious. There are things that he says that will be the subject of skits and laughter and jokes, but words have meaning coming from someone who aspires to stand behind the seal of the president of the United States. These are the things that are at stake.
     MS. LONGWELL: Couldn’t agree more.
So, I do want to ask you another question, though, before we go to the audience. You know, you talk a lot about a new way forward. You talk about turning the page. What’s on the next page? Talk to us about a —
THE VICE PRESIDENT: You want a preview.
MS. LONGWELL: Yeah. Give me — a spoiler alert. You know? (Laughter.) Just —
THE VICE PRESIDENT: Right.
MS. LONGWELL: — tell us — tell us what’s — what’s in the rest of the chapter.
THE VICE PRESIDENT: Well, first of all, I will say that it — it is a metaphor that is meant to also describe my intention to embark on a new generation of leadership. And needless to say, mine will not be a continuation of the Biden administration. I bring to it my own ideas, my own experiences.
But it is also about moving past what, frankly, I think has been the last decade of — of the American discourse being influenced by Donald Trump in a way that has had the effect of suggesting we, as Americans, should point the finger at one another, in a way that has been using the power of the presidency to demean and to divide us.
I think people are exhausted with that, rightly. And it, frankly, does not lead to the strength of our nation to tell the American people that we must be suspicious of one another, distrust one another.
You know, yesterday, I — I did a couple of church services, and there’s a — we — many people here know the — the parable of the Good Samaritan. And there is an essence — a piece of that, in my own words, that really requires us, I think, to see in the face of a — of a stranger, to see a neighbor. Right? That spirit. And I think we need to get back to that.
The spirit of the American people is such that, you know, we are an ambitious people. We are aspirational. We have dreams. And that is productive.
It is not productive of us to be a nation of people who are pointing fingers at one another, who don’t understand that the vast majority of us have so much more in common than what separates us.
So, that’s what I mean about turning the page. And then a new generation of leadership about being ambitious, about all we have yet to do.
Part of my economic policy — I refer to it as an opportunity economy — is about investing in American industries while leaving none of our traditional, wonderful industries behind; repurposing and retooling the factories that have led to America’s success in industry, while at the same time redefining how we are thinking about which worker has the experience and skill to do the — the job and is qualified and understanding we shouldn’t be falling into a trap that suggests only those with a college degree have the skill or the experience to do the job. So, let’s look at how we redefine and perhaps even reorder.
And, in fact, I’m going to start with federal jobs, and then I’m going to challenge the private sector to do the same. Let’s look at which of those jobs would benefit from a skilled, experienced worker who perhaps went through an apprenticeship program — not a four-year college, but still had a four-year degree, in essence.
     So, these are the kinds of things that are about seeing the opportunity of this moment and investing in it.
     I’ll tell you — and I know this is a controversial topic for many of us — I love Gen Z. (Laughter.) Because we have Gen Zs in our lives. We have kids who are Gen Zs. It can be complicated, I know. I love Gen Z.
     These young leaders are so — they’re clear-eyed. You know, they’ve only known the climate crisis. They’ve only known active shooter drills. I mean, we had fire drills. Not — not our kids, right?
     But they also — they’re — they’re so wonderfully impatient — (laughter) — ri- — no, really, that’s good. That’s good. They are ready to get in there. Let’s invest in them. Let —
     So, for example, one of my — one piece of my opportunity economy is we got to deal with the reality of where we are right now. The American dream, for previous generations, was something that people could kind of count on. Not so much anymore, in terms of homeownership. We have a housing shortage in America. We have a supply shortage.
     So, part of my plan is, hey, let’s be clear-eyed about this moment. Let’s invest in the future. And as a — a devout public servant, I also know the limitations of government. I want to work with the private sector. I have, in my career. The skills, the breadth, the depth of — of value in those active partnerships benefit us all.
     So, part of my plan for housing is to actively partner with building developers, with homebuilders to create tax credits to increase the supply of housing in America. My estimate is — I think we can actually do it — by 3 million by the end of my first term.
     Part of my approach that is about a new generation, potentially, of leadership and certainly a different approach: Most of my career was not spent in Washington, D.C. I say that with pride. (Laughter.)
     In that, you know, most of my career was spent as a prosecutor, but I — making decisions that had a direct impact on people’s lives. You know, I learned at a very young age, as a prosecutor, that the things that I would do with the swipe of my pen could result in someone having their liberty or not.
     When I was attorney general of California — which is, you know, by estimates, the fifth-largest economy in the world — I was acutely aware the words I spoke could move markets.
     I like getting things done. And part of my approach, which is, I think, about a new generation of leadership, is: Let’s cut through the red tape. Let’s cut through the bureaucracy while still knowing the virtues of the work that we can do in the public sector, be it public education, public health, public safety.
     MS. LONGWELL: This is a perfect segue into our first audience question, which is going to come from Alexandra Miller from Delaware County. Main section, right — right there.
     Hi, Alexandra.
     Q    Hello. Hello, Madam Vice President and Representative Cheney.
     MS. CHENEY: Hi there.
     THE VICE PRESIDENT: Hi.
     Q    Thank you for taking my question today. My name is Alex. I have a 7-year-old son and a wonderful 72-year-old mother who is suffering from dementia and requires full-time care.
     My son is in second grade, my mother is in a nursing home, and I work full time. The costs of childcare and of eldercare are staggering. But simultaneously, professionals that help care for both our children and our elders are generally underpaid, which makes it difficult for them to support their own families and do the jobs that they need to do.
     How do you propose to help bridge this gap, making both child- and eldercare more affordable for hardworking families and also retaining and attracting quality talent for this — these essential jobs?
     THE VICE PRESIDENT: So, first of all, you’re dealing with a lot. You’re dealing with a lot, and I just wish you strength and support. You are a part of what we call the “sandwich generation,” which are those parents and children who are right in the middle. They are taking care of their young children and taking care of their parents as they age. And it’s a lot.
     And so, I actually plan to address this in a substantial way because I actually bring a personal experience to it as well. I took care of my mother when she was sick, and that work is the work of trying to cook something that they feel like eating — right? — trying to figure out which clothes will not irritate their skin and help them put on a sweater. It’s about trying to figure out how you can say something that brings a smile to their face or makes them laugh. It’s about dignity.
     Meanwhile, you have a second-grader. You’re trying to teach that kid how to read — (laughter) — spending time with them, reminding them they are special and can be anything.
     And in the middle of all of that, if you are working or just to have a minute to breathe, it’s a lot. It’s a lot.
     So, what — the way that this plays out for many people is — is one of just a couple of ways. One, if you have the good fortune of having enough extra money, you can hire somebody to come in. And then, exactly as you said, you — knowing what you just shared with us about yourself — would pay them the value of their work. Or someone in this position would have to basically spend down all their savings so they could qualify for Medicaid, which means they pretty much have to get rid of everything. Or they have to quit their job, which means one less income in their household.
     And this is a matter — this issue, for me, is a matter of dignity — yours, your parents, and the well-being of your child and you being able to do what you naturally want to do, and which — and the thing that we should value in our society, which is someone like you who is taking on the duty and the responsibility of all of that.
     So, my plan is that instead of those scenarios I just mapped out, we will restructure it so that Medicare covers the cost of in-home health care for your parent so that they can be at home — (applause) — and you can then have the assistance with someone who can help prepare that meal, help them get dressed, and you can still give that baby of yours all the love that they deserve. And you can have sanity in the process. And everyone can have dignity.
     And so, this is — this is my approach, which is let’s just look at this as an — let’s just come at it from common sense, by the way. It’s just common sense. And what makes — what is a — a commonsense, practical approach to doing this, because when you are able to be productive, we all benefit, by the way. When that child is able to have a parent who is able to help them with their reading and remind that child that they are special, we are all going to benefit from that.
     So, thank you for raising the subject. (Applause.) And you take care of yourself.
     MS. LONGWELL: Okay. Next we’re going to call on Ashley Scott, speaking of Gen Z — although I guess I shouldn’t assume I know what generation she’s from, but she is a student from Bucks County. Hi.
     Q    Hi, Vice President Harris and Congresswoman Cheney. My name is Ashley Scott. I’m from Bucks County, Pennsylvania, and I am Gen Z. I’m 22 years old. (Laughter.)
     MS. LONGWELL: Nailed it.
     THE VICE PRESIDENT: Good for you. (Laughs.)
     Q    So, thank you for that compliment. But yeah, my question is about maternal health. Specifically, in the United States, maternal mortality is devastating. The rates are terrible. And I was wondering if you have a plan to combat the crisis.
     THE VICE PRESIDENT: Thank you, Ashley, and thank you for being here and your voice. It’s a big issue. So, we have the very, I think, shameful distinction of — of any wealthy nation having one of, if not the highest, rate of maternal mortality.
     And I’ve studied this issue. I worked on it was on — when I was in the United States Senate and as vice president. And the fact is that 90 percent of them are preventable, which tells us we can do something about it, right?
     And it is an issue — so, Black women are three to four times more likely to die in connection with childbirth; Native women are, like, twice as likely; rural women, one and a half times as likely.
     One of the common threads that you will see in those demographic populations is a lack of appropriate prenatal care and then care during the term of their pregnancy and then postpartum care. And we know that when that care is available, they are having a healthier and, by the way, happier experience. And the long-term impact to all of us as a society, much less to that family, is immense.
     And so, the work that we have been doing and the work I intend to do going forward is to address that, right? So, for example, in rural America, the — the way that the system has been structured — the health care system has been structured is a lot of those hospitals and clinics have had to close because of the way we — we reimburse based on population size. And as people are leaving rural America, then the hospitals and the clinics can’t afford the overhead.
     I’m oversimplifying but just to make the point. So, we need to address that in terms of how we’re structuring, how we create incentives and — and give the resources to those health care facilities, be they clinics or hospitals.
     The other piece that we have to do is really just talk more about the issue around also how, in the health care system, we are treating women and are we taking women seriously when they talk about their health care concerns.
     So, again, personal experience, my mother had two goals in her life: to raise her two daughters, my sister and I, and to end breast cancer. My mother was a breast cancer researcher. And she was so passionate about women’s health care, and I remember it as a young girl and throughout my life.
     And we still have a lot of work to do to make sure that when she walks into that clinic, that doctor’s office, that hospital, that when — that she’s taken seriously. And — and that’s also about what we do in terms of training within the profession. It’s also about what we do in terms of public education to get information to women so that they know that they are not just complaining and they should not suppress or subordinate what their concerns might be about themselves because they’re taking care of everybody else.
     So, there’s a lot of work to do. And, of course, there’s a connection between this and what we need to do since the Dobbs decision came down, when we are looking at — I’ve met with a lot of, in particular, OB-GYNs who are concerned that there are kids going through — excuse me, young people going through their medical school who are now feeling deterred from engaging in reproductive health work.
     And reproductive health work is vast. It is not only about abortion; it is about a whole array of care. And we want to make sure that we’re not creating disincentives for people to go into that very, very important profession.
     And then we also want to make sure that we are, in the whole issue of reproductive care, not suggesting to women or the people who love them that they should be judged, because there is that also when you’re talking about reproductive care, where women sometimes are made to feel or do feel embarrassed to talk about their needs as it relates to their reproductive health.
     And then, of course, I feel very strongly the government should not be telling any woman what to do with her body. (Applause.) (Laughs.) And when Congress passes a law reinstating the reproductive freedoms of women, I will gladly and proudly sign it into law, because I strongly believe one does not have to give up or abandon their own faith or beliefs to agree that — not the government telling her what to do. If she chooses, she will consult with her priest, her pastor, her rabbi, her imam, but not the government.
     We’ve seen too much harm — real harm — happen to women and the people who love them around our country since that decision came down, including women who have died. And I don’t think that most people who — before the Dobbs decision came down — who had strong opinions about this — I don’t think most people intended that the harm that we’ve seen would have actually happened.
     MS. CHENEY: Can I add to this just to — because I — I think it’s such an important point. And I think there are many of us around the country who have been pro-life but who have watched what’s going on in our states since the Dobbs decision and have watched state legislatures put in place laws that are resulting in women not getting the care they need.
     And so, I think this — this is not an issue that we’re seeing break down across party lines —
     THE VICE PRESIDENT: Right.
     MS. CHENEY: — but I think we’re seeing people come together to say what has happened to women, when women are facing situations where they can’t get the care they need — where in places like Texas, for example, the attorney general is talking about suing — is suing to get access to women’s medical records — that’s not sustainable for us as — as a country, and — and it has to change. (Applause.)
     THE VICE PRESIDENT: Yeah. Yeah.
     MS. LONGWELL: So, as we come close to time here, I want to ask you both kind of a final question. You know, I — I watch the — the conversation in the country and the way that the media covers this election, and it’s often about the race: Who’s up in a poll? Who’s down in a poll? And I — I don’t always feel like we’re talking about the stakes enough.
     And Liz Cheney would not be here if she didn’t think that the stakes were very high. And frankly, the Republicans wouldn’t be so angry at you if they didn’t think you were an effective surrogate as somebody speaking about the stakes. (Applause.)
     THE VICE PRESIDENT: Some Republicans. Some Republicans.
     MS. LONGWELL: Some Republicans. Some Republicans. #NotAllRepublicans. (Laughter.)
     THE VICE PRESIDENT: Because I’ve seen a lot of Republicans — just I’ve seen it and I know it happens — who thank her constantly.
     MS. LONGWELL: I — I know it.
     THE VICE PRESIDENT: Yeah. Yeah.
     MS. LONGWELL: I know it.
     MS. CHENEY: They’re going to vote the right way on November 5th.
     MS. LONGWELL: That’s right.
     MS. CHENEY: They might not think public about it, but — but they’ll do what — what they know is right. (Applause.)
     THE VICE PRESIDENT: Yeah. I agree. I agree. I agree.
     MS. LONGWELL: But just to close and — and maybe starting with you, Congresswoman, so you can have the last word. Talk to me and all of us about the stakes. Many people in the room here are undecided voters. What’s — what’s kind of the last pitch that you would make about why this election is so important and why you believe they should vote for the vice president here?
     MS. CHENEY: Well, I think that in this election, and especially here in Pennsylvania, we have the opportunity to tell the whole world who we are. And we have the chance to say, you know, we’re — we’re going to reject cruelty. We’re going to reject the kind of vile vitriol that we’ve seen from Donald Trump. We’re going to reject the misogyny that we’ve seen from Donald Trump and J.D. Vance. (Applause.)
     THE VICE PRESIDENT: Right.
     MS. CHENEY: And we have the chance in this race to elect somebody who you know is going to defend the rule of law. You know Vice President Harris is going to defend our Constitution.
     We have the chance to remind people that we are a good country. We are a good and honorable people. We are a great nation.
     And — and in this race, we have the opportunity to vote for and support somebody you can count on.
     We’re not always going to agree, but I know Vice President Harris will always do what she believes is right for this country. She has a sincere heart, and that’s why I’m honored to be here and supporting her in this race. (Applause.)
     THE VICE PRESIDENT: I mean, I — exactly. The — listen, so, in my career as a prosecutor — you’ve heard me say this — I — I never, ever asked a victim or a witness, “Are you a Republican or a Democrat?” Never. It wouldn’t have even occurred to me to ask them. I did, every time, ask, “Are you okay?”
     And I — you know, and I feel very strongly that — for example, in — on the issue of partisanship, yes, we’re going to have disagreements, but I actively invite good ideas from wherever they come. That’s why I’m going to have a Republican in my Cabinet, by the way — (applause) — because I want good ideas.
     And, by the way, I know it is in our best interest as a nation, in our — the interest of our strength and our future as a nation. We need a healthy two-party system. We need a healthy two-party system. (Applause.)
     We need to be able to have these good, intense debates about issues that are grounded in fact. (Laughter.) How about that?
     MS. CHENEY: Imagine.
.
     THE VICE PRESIDENT: Let’s start there. (Laughs.) (Applause.)
     Wow. Can you believe that’s an applause line? (Laughter.)
     Oy. But, you know, it’s — (laughter) — it’s —
     We have in our grasp in these next 13 days — 13 days, we are — or 15 days, excuse me. I — I’m just jumping ahead. (Laughter.) In these next 15 days, we have in our grasp the ability to determine the course of our country.
     You know, every election, we’ve said, “This is the one.” This is the one. This truly is the one.
     I mean, to the congresswoman’s point, the former chairman of the Joint Chiefs of Staff referred to Donald Trump as being “fascist to the core.” And no one would ever accuse the former chairman of being partisan in any way. The people who know him best — from the former chief of staff; Defense secretaries, two of them; national security advisor to the former vice president.
     And so, we have in — in our grasp — because we still have a democracy. As the saying goes, as long as we hold on to it, we still have a democracy, which means in a democracy — and here’s the beauty of it — we each have the power to make a decision about the future of our country through our vote.
     And my request, then, of each of you who have spent time out of your busy lives to be here — and I thank you for that — is please just help us get the word out to your neighbors and friends and family members to just remind them of what is at stake and this conversation.
     I ask for your vote. I ask for their votes. And I promise to be a president for all Americans. I promise and pledge that. (Applause.)
     MS. LONGWELL: All right, everyone. Congresswoman Cheney and Vice President Kamala Harris. Thank you so much.
     Yes, let’s give them another round of applause. That was wonderful. (Applause.)
     Thank you so much.
     THE VICE PRESIDENT: Thank you. Thank you.
     MS. LONGWELL: Thank you. (Applause.)

MIL-OSI New Zealand: Total greenhouse gas emissions rise 1.1 percent in the June 2024 quarter – Stats NZ media and information release: Greenhouse gas emissions (industry and household): June 2024 quarter

Source: Statistics New Zealand

Total greenhouse gas emissions rise 1.1 percent in the June 2024 quarter – 22 October 2024 – Seasonally adjusted industry and household greenhouse gas (GHG) emissions increased 1.1 percent in the June 2024 quarter, according to figures released by Stats NZ today.

“This increase of 224 kilotonnes during the quarter was due to more emissions from industry, particularly from the electricity, gas, water, and waste services industry,” environment statistics unit manager Tehseen Islam said.

Over this quarter, industry emissions (excluding households) increased by 1.7 percent (292 kilotonnes). By comparison, gross domestic product (GDP), which accounts for industry production, decreased 0.2 percent in the same period.

Emissions from households fell 1.2 percent (26 kilotonnes) in the June 2024 quarter.

Visit our website to read this news story and information release and to download CSV files:

MIL OSI New Zealand News –